12 U.S. Code § 3350 - Definitions
For purposes of this chapter:
(1) State appraiser certifying and licensing agency
The term “State appraiser certifying and licensing agency” means a State agency established in compliance with this chapter.
(2) Appraisal Subcommittee; subcommittee
The terms “Appraisal Subcommittee” and “subcommittee” mean the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
(4) Federally related transaction
The term “federally related transaction” means any real estate-related financial transaction which—
(A) a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and
(5) Real estate related financial transaction
The term “real estate-related financial transaction” means any transaction involving—
(A) the sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof;
(6) Federal financial institutions regulatory agencies
The term “Federal financial institutions regulatory agencies” means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.
(7) Financial institution
The term “Chairperson” means the Chairperson of the Appraisal Subcommittee selected by the Council.
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.
(10) Written appraisal
The term “written appraisal” means a written statement used in connection with a federally related transaction that is independently and impartially prepared by a licensed or certified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by presentation and analysis of relevant market information.
(11) Appraisal management company
The term “appraisal management company” means, in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than 15 certified or licensed appraisers in a State or 25 or more nationally within a given year—
(C) to manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or
Source(Pub. L. 101–73, title XI, § 1121,Aug. 9, 1989, 103 Stat. 517; Pub. L. 111–203, title XIV, § 1473(f)(4), (t)(2), (3),July 21, 2010, 124 Stat. 2193, 2199.)
2010—Par. (6). Pub. L. 111–203, § 1473(t)(2), substituted “Corporation,” for “Corporations,”.
Par. (8). Pub. L. 111–203, § 1473(t)(3), substituted “Council” for “council”.
Par. (11). Pub. L. 111–203, § 1473(f)(4), added par. (11).
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.
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