republic-os/legal/us/code/title-12/chapter-34a/section-3332.md

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LegalText	12 U.S.C. § 3332	Functions of Appraisal Subcommittee	us	united_states_code	code_section	12	BANKS AND BANKING	34A	APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL	3332	12 U.S.C. § 3332	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip	/us/usc/t12/s3332	data/legal/raw/us/code/title-12/usc12.xml	6f3a2bb0be0c225090f3437f440eac68f7040a2bf9717e253cb2d50fbe49f1fc	e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa	96c36836dc704d72f4dedef07f76eb0d8e8a97d8dc6681ff29c382f67996095d	2026-07-04	official	legal us-code

12 U.S.C. § 3332 - Functions of Appraisal Subcommittee

Text

(a) In general The Appraisal Subcommittee shall—

(1) monitor the requirements established by States—

(A) for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility; and

(B) for the registration and supervision of the operations and activities of an appraisal management company;

(2) monitor the requirements established by the Federal financial institutions regulatory agencies with respect to—

(A) appraisal standards for federally related transactions under their jurisdiction, and

(B) determinations as to which federally related transactions under their jurisdiction require the services of a State certified appraiser and which require the services of a State licensed appraiser;

(3) maintain a national registry of State certified and licensed appraisers who are eligible to perform appraisals in federally related transactions; and 11 So in original. The word “and” probably should not appear.

(4) Omitted

(5) transmit an annual report to the Congress not later than June 15 of each year that describes the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year. The report shall also detail the activities of the Appraisal Subcommittee, including the results of all audits of State appraiser regulatory agencies, and provide an accounting of disapproved actions and warnings taken in the previous year, including a description of the conditions causing the disapproval and actions taken to achieve compliance.22 So in original. Probably should be “compliance; and”.

(6) maintain a national registry of appraisal management companies that either are registered with and subject to supervision of a State appraiser certifying and licensing agency or are operating subsidiaries of a Federally regulated financial institution.

(b) Monitoring and reviewing foundation The Appraisal Subcommittee shall monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation.

(Pub. L. 101–73, title XI, § 1103, Aug. 9, 1989, 103 Stat. 512; Pub. L. 111–203, title III, § 367(6), title XIV, § 1473(b), (f)(1), July 21, 2010, 124 Stat. 1557, 2190, 2191.)

Notes

Editorial Notes

Codification Paragraph (4) of subsection (a), which required the Appraisal Subcommittee to submit an annual report to Congress on the manner in which assigned functions were carried out, terminated, effective May 15, 2000, pursuant to section 3003 of Pub. L. 104–66, set out as a note under section 1113 of Title 31, Money and Finance. See, also, page 170 of House Document No. 103–7.

Amendments2010—Subsec. (a)(1). Pub. L. 111–203, § 1473(f)(1)(A), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “monitor the requirements established by States for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility;”. Subsec. (a)(2). Pub. L. 111–203, § 367(6), struck out “and the Resolution Trust Corporation” after “agencies” in introductory provisions. Subsec. (a)(5). Pub. L. 111–203, § 1473(b), added par. (5). Subsec. (a)(6). Pub. L. 111–203, § 1473(f)(1)(B), added par. (6).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 AmendmentAmendment by section 367(6) of Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. Amendment by section 1473(b), (f)(1), of 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.