Page:United States Statutes at Large Volume 100 Part 4.djvu/546

 100 STAT. 3282

PUBLIC LAW 99-576—OCT. 28, 1986

SEC. 406. USE OF ATTORNEYS IN HOME LOAN FORECLOSURES. ban liiOa-90

The second sentence of section 1830(a) is amended by striking out "With the concurrence of the Attorney General of the United States, the" and inserting in lieu thereof "The". SEC. 407. APPRAISALS. '!.*!''^^'CPl^ ".^^^7.^7Z (a) IN GENERAL.—Subchapter III of chapter 37 is amended by adding at the end the following new section 1831:

"§ 1831. Appraisals 7 ••^'"-••'•^-'-'^^^{—''V ••"^^"• Loans. "(a) The Administrator shall— Real property. "(1) in Consultation with appropriate representatives of 38 USC 1834. institutions which are regularly engaged in making housing loans, prescribe uniform qualifications for appraisers; '^ "(2) use such qualifications in determining whether to approve an appraiser to make appraisals of the reasonable .-^:X|0"q value of any property, construction, repairs, or alterations for the purposes of this chapter; and "(3) in consultation with local representatives of institutions described in clause (1) of this subsection, develop and maintain lists of appraisers who are approved under clause (2) of this subsection to make appraisals for the purposes of this chapter. "(b) The Administrator shall select appraisers from a list required by subsection (a)(3) of this section on a rotating basis to make appraisals for the purposes of this chapter. "(c) The Administrator shall, upon request, furnish a copy of the appraisal made of property for the purposes of this chapter to the lender proposing to make the loan which is to be secured by such property and is to be guaranteed under this chapter. "(d) If a lender— "(1) has proposed to make a loan to be guaranteed under this s'x.iB fc chapter, li» "(2) has been furnished a certificate of reasonable value of & any property or of any construction, repairs, or alterations of • property which is to be the security for such loan, and "(3) within a reasonable period prescribed by the Adminis/. ' trator, has furnished to the Administrator an additional appraisal of the reasonable value of such property, construction, repairs, or alterations which was made by an appraiser selected by the lender from the list required by subsection (a)(3) of this section, the Administrator shall consider both the initial appraisal and the 1 additional appraisal and shall, if appropriate, issue a revised certifiI cate of reasonable value of such property, construction, repairs, or alterations. "(e)(1) In no case may a veteran be required to pay all or any portion of the cost of the additional appraisal described in subsection (d)(3) of this section. "(2) If a veteran, within a reasonable period prescribed by the Administrator, has furnished to the Administrator an additional appraisal of the reasonable value of such property, construction, repairs, or alterations which was made by an appraiser selected by the veteran from the list required by subsection (a)(3) of this section, the Administrator shall consider such appraisal, along with other appraisals furnished to the Administrator, and shall, if appropriate, issue a revised certificate of reasonable value of such property, construction, repairs, or alterations.".

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