Title 12, Chapter 34 — Federal Financial Institutions Examination Council

Declaration of purpose

Definitions

Financial Institutions Examination Council

Costs and expenses of Council

Functions of Council

State liaison

Administration

Access to books, accounts, records, etc., by Council

Risk management training

Establishment of Appraisal Subcommittee

Required review of regulations

Purpose

Functions of Appraisal Subcommittee

Chairperson of Appraisal Subcommittee; term of Chairperson; meetings

Officers and staff

Powers of Appraisal Subcommittee

Procedures for establishing appraisal standards and requiring use of certified and licensed appraisers

Startup funding

Roster of State certified or licensed appraisers; authority to collect and transmit fees

Functions of Federal financial institutions regulatory agencies relating to appraisal standards

Time for proposal and adoption of standards

Functions of Federal financial institutions regulatory agencies relating to appraiser qualifications

Transactions requiring services of State certified appraiser

Transactions requiring services of State licensed appraiser

Time for proposal and adoption of rules

Certification and licensing requirements

Establishment of State appraiser certifying and licensing agencies

Monitoring of State appraiser certifying and licensing agencies

Recognition of State certified and licensed appraisers for purposes of this chapter

Violations in obtaining and performing appraisals in federally related transactions

Definitions

Miscellaneous provisions

Emergency exceptions for disaster areas

Appraisal management company minimum requirements

Automated valuation models used to estimate collateral value for mortgage lending purposes

Broker price opinions

Exemption from appraisals of real estate located in rural areas