[USC04] 12 USC 3339: Functions of Federal financial institutions regulatory agencies relating to appraisal standards
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12 USC 3339: Functions of Federal financial institutions regulatory agencies relating to appraisal standards Text contains those laws in effect on September 20, 2018
From Title 12-BANKS AND BANKINGCHAPTER 34A-APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

§3339. Functions of Federal financial institutions regulatory agencies relating to appraisal standards

Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe appropriate standards for the performance of real estate appraisals in connection with federally related transactions under the jurisdiction of each such agency or instrumentality. These rules shall require, at a minimum-

(1) that real estate appraisals be performed in accordance with generally accepted appraisal standards as evidenced by the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation;

(2) that such appraisals shall be written appraisals; and

(3) that such appraisals shall be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.


Each such agency or instrumentality may require compliance with additional standards if it makes a determination in writing that such additional standards are required in order to properly carry out its statutory responsibilities.

( Pub. L. 101–73, title XI, §1110, Aug. 9, 1989, 103 Stat. 514 ; Pub. L. 111–203, title XIV, §1473(e)(1), July 21, 2010, 124 Stat. 2191 .)

Amendments

2010-Pub. L. 111–203 added par. (3).

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.