Page:United States Statutes at Large Volume 103 Part 1.djvu/541

 PUBLIC LAW 101-73-AUG. 9, 1989 103 STAT. 513 SEC. 1107. PROCEDURES FOR ESTABLISHING APPRAISAL STANDARDS AND 12 USC 3336. REQUIRING THE USE OF CERTIFIED AND LICENSED APPRAISERS. Appraisal standards and requirements for using State certified and licensed appraisers in federally related transactions pursuant to this title shall be prescribed in accordance with procedures set forth in section 553 of title 5, United States Code, including the publica- tion of notice and receipt of written comments or the holding of public hearings with respect to any standards or requirements proposed to be established. SEC. 1108. STARTUP FUNDING. 12 USC 3337. (a) IN GENERAL.— For purposes of this title, the Secretary of the Treasury shall pay to the Appraisal Subcommittee a one-time pay- ment of $5,000,000 on the date of the enactment of this Act. There- after, expenses of the subcommittee shall be funded through the collection of registry fees from certain certified and licensed apprais- ers pursuant to section 1109 or, if required, pursuant to section 1122(b) of this title. 0?) ADDITIONAL FUNDS. —Except as provided in section 1122(b) of this title, funds in addition to the funds provided under subsection (a) may be made available to the Appraisal Subcommittee only if authorized and appropriated by law. SEC. 1109. ROSTER OF STATE CERTIFIED OR LICENSED APPRAISERS; 12 USC 3338. AUTHORITY TO COLLECT AND TRANSMIT FEES. (a) IN GENERAL.— Each State with an appraiser certifying and licensing agency whose certifications and licenses comply with this title, shall— (1) transmit to the Appraisal Subcommittee, no less than annually, a roster listing individuals who have received a State certification or license in accordance with this title; and (2) collect from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $25, such fees to be transmitted by the State agencies to the Council on an annual basis. Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees, up to a maximum of $50 per annum, as necessary to carry out its functions under this title. (b) USE OF AMOUNTS APPROPRIATED OR COLLECTED. —Amounts appropriated for or collected by the Appraisal Subcommittee under this section shall be used— (1) to maintain a registry of individuals who are qualified and eligible to perform appraisals in connection with federally re- lated transactions; (2) to support its activities under this title; (3) to reimburse the general fund of the Treasury for amounts appropriated to and expended by the Appraisal Subcommittee during the 24-month startup period following the date of the enactment of this title; and (4) to make grants in such amounts as it deems appropriate to the Appraisal Foundation, to help defray those costs of the foundation relating to the activities of its Appraisal Standards and Appraiser Qualification Boards.

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