Page:United States Statutes at Large Volume 103 Part 1.djvu/543

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 515 SEC. 1115. TIME FOR PROPOSAL AND ADOPTION OF RULES. 12 USC 3344. As appropriate, rules issued under sections 1113 and 1114 shall be proposed not later than 6 months and shall be effective upon adoption in final form not later than 12 months after the date of the enactment of this Act. SEC. 1116. CERTIFICATION AND LICENSING REQUIREMENTS. 12 USC 3345. (a) IN GENERAL. —For purposes of this title, the term "State certified real estate appraiser" means any individual who has satis- fied the requirements for State certification in a State or territory whose criteria for certification as a real estate appraiser currently meets the minimum criteria for certification issued by the Appraiser Qualification Board of the Appraisal Foundation. (b) RESTRICTION. — No individual shall be a State certified real estate appraiser under this section unless such individual has achieved a passing grade upon a suitable examination administered by a State or territory that is consistent with and equivalent to the Uniform State Certification Examination issued or endorsed by the Appraiser Qualification Board of the Appraisal Foundation. (c) DEFINITION.— As used in this section, the term "State licensed appraiser" means an individual who has satisfied the requirements for State licensing in a State or territory. (d) ADDITIONAL QUALIFICATION CRITERIA. —Nothing in this title shall be construed to prevent any Federal Eigency or instrumentality under this title from establishing such additional qualification cri- teria as may be necessary or appropriate to carry out the statutory responsibilities of such department, agency, or instrumentality. SEC. 1117. ESTABLISHMENT OF STATE APPRAISER CERTIFYING AND 12 USC 3346. LICENSING AGENCIES. To assure the availability of State certified and licensed apprais- ers for the performance in a State of appraisals in federally related transactions and to assure effective supervision of the activities of certified and licensed appraisers, a State may establish a State appraiser certifying and licensing agency. SEC. 1118. MONITORING OF STATE APPRAISER CERTIFYING AND LICENS- 12 USC 3347. ING AGENCIES. (a) IN GENERAL.— The Appraisal Subcommittee shall monitor State appraiser certifying and licensing agencies for the purpose of determining whether a State agency's policies, practices, and proce- dures are consistent with this title. The Appraisal Subcommittee and all agencies, instrumentalities, and federally recognized entities under this title shall not recognize appraiser certifications and licenses from States whose appraisal policies, practices, or proce- dures are found to be inconsistent with this title. 0>) DISAPPROVAL BY APPRAISAL SUBCOMMITTEE. — The Federal financial institutions, regulatory agencies, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corpora- tion, and the Resolution Trust Corporation shall accept certifi- cations and licenses awarded by a State appraiser certifying the licensing agency unless the Appraisal Subcommittee issues a writ- ten finding that— (1) the State agency fails to recognize and enforce the stand- ards, requirements, and procedures prescribed pursuant to this title;

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