12 U.S.C. § 3339

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 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.

12 U.S.C. § 3339

Pub. L. 101-73, title XI, §11101110,, 103 Stat. 514; Pub. L. 111-203, title XIV, §1473(e)(1), July 21, 2010, 124 Stat. 2191.

EDITORIAL NOTES

AMENDMENTS2010- Pub. L. 111-203 added par. (3).

STATUTORY NOTES AND RELATED SUBSIDIARIES

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.

designated transfer date: The term "designated transfer date" means the date established under section 5582 of this title.
Appraisal Foundation: The terms "Appraisal Foundation" and "Foundation" means the Appraisal Foundation established on November 30, 1987, as a not for profit corporation under the laws of Illinois.