Page:United States Statutes at Large Volume 103 Part 1.djvu/542

 103 STAT. 514 PUBLIC LAW 101-73 —AUG. 9, 1989 12 USC 3339. SEC. 1110. FUNCTIONS OF THE FEDERAL FINANCIAL INSTITUTIONS REGU- LATORY AGENCIES RELATING TO APPRAISAL STANDARDS. Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe appropriate standards for the performance of real estate appraisals in connection with federally related transactions under the jurisdiction of each such agency or instrumentality. These rules shall require, at a mini- mum— (1) that real estate appraisals be performed in accordance with generally accepted appraisal standards as evidenced by the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation; and (2) that such appraisals shall be written appraisals. Each such agency or instrumentality may require compliance with additional standards if it makes a determination in writing that such additional standards are required in order to properly carry out its statutory responsibilities. 12 USC 3340. SEC. 1111. TIME FOR PROPOSAL AND ADOPTION OF STANDARDS. Appraisal standards established under this title shall be proposed not later than 6 months and shall be adopted in final form and become effective not later than 12 months after the date of the enactment of this Act. 12 USC 3341. SEC. 1112. FUNCTIONS OF THE FEDERAL FINANCIAL INSTITUTIONS REGU- LATORY AGENCIES RELATING TO APPRAISER QUALIFICA- TIONS. Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe, in accordance with sections 1113 and 1114 of this title, which categories of federally related transactions should be appraised by a State certified ap- praiser and which by a State licensed appraiser under this title. 12 USC 3342. SEC. 1113. TRANSACTIONS REQUIRING THE SERVICES OF A STATE CER- TIFIED APPRAISER. In determining whether an appraisal in connection with a feder- ally related transaction shall be performed by a State certified appraiser, an agency or instrumentality under this title shall con- sider whether transactions, either individually or collectively, are of sufficient financial or public policy importance to the United States that an individual who performs an appraisal in connection with such transactions should be a State certified appraiser, except that— (1) a State certified appraiser shall be required for all feder- ally related transactions having a value of $1,000,000 or more; and Housing. (2) l-to-4 unit, single family residential appraisals may be performed by State licensed appraisers unless the size and complexity requires a State certified appraiser. 12 USC 3343. SEC. 1114. TRANSACTIONS REQUIRING THE SERVICES OF A STATE LI- CENSED APPRAISER. All federally related transactions not requiring the services of a State certified appraiser shall be performed by either a State cer- tified or licensed appraiser.

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