12 U.S. Code § 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.

Source

(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. 111–203added par. (3).
Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203effective 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) ofPub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

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12 CFR - Banks and Banking

12 CFR Part 34 - REAL ESTATE LENDING AND APPRAISALS

12 CFR Part 164 - APPRAISALS

12 CFR Part 208 - MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H)

12 CFR Part 225 - BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y)

12 CFR Part 390 - REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT SUPERVISION

12 CFR Part 564 - APPRAISALS

12 CFR Part 722 - APPRAISALS

 

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