Page:United States Statutes at Large Volume 103 Part 1.djvu/540

 103 STAT. 512 PUBLIC LAW 101-73—AUG. 9, 1989 Each such designee shall be a person who has demonstrated knowl- edge and competence concerning the appraisal profession.". 12 USC 3332. SEC. 1103. FUNCTIONS OF APPRAISAL SUBCOMMITTEE. (a) IN GENERAL.— The Appraisal Subcommittee shall— (1) monitor the requirements established by States for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related trans- actions, including a code of professional responsibility; (2) monitor the requirements established by the Federal ' financial institutions regulatory agencies and the Resolution Trust Corporation with respect to— (A) appraisal standards for federally related transactions under their jurisdiction, and (B) determinations as to which federally related trans- actions 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 Reports. (4) transmit an annual report to the Congress not later than January 31 of each year which describes the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year. (b) MONITORING AND REVIEWING FOUNDATION.—The Appraisal Subcommittee shall monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation. 12 USC 3333. SEC. 1104. CHAIRPERSON OF APPRAISAL SUBCOMMITTEE; TERM OF CHAIRPERSON; MEETINGS. (a) CHAIRPERSON.— The Council shall select the Chairperson of the subcommittee. The term of the Chairperson shall be 2 years. (b) MEETINGS; QUORUM; VOTING. —The Appraisal Subcommittee shall meet at the call of the Chairperson or a majority of its members when there is business to be conducted. A majority of members of the Appraisal Subcommittee shall constitute a quorum but 2 or more members may hold hearings. Decisions of the Ap- praisal Subcommittee shall be made by the vote of a majority of its members. 12 USC 3334. SEC. 1105. OFFICERS AND STAFF. The Chairperson of the Appraisal Subcommittee shall appoint such officers and staff as may be necessary to carry out the func- tions of this title consistent with the appointment and compensation practices of the Council. 12 USC 3335. SEC. 1106. POWERS OF APPRAISAL SUBCOMMITTEE. The Appraisal Subcommittee may, for the purpose of carrying out this title, establish advisory committees, hold hearings, sit and act at times and places, take testimony, receive evidence, provide information, and perform research, as the Appraisal Subcommittee considers appropriate.

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