Page:United States Statutes at Large Volume 103 Part 1.djvu/546

 103 STAT. 518 PUBLIC LAW 101-73-AUG. 9, 1989 (C) the use of real property or interests in property as security for a loan or investment, including mortgage- backed securities. (6) FEDERAL FINANCIAL INSTITUTIONS REGULATORY AGENCIES. — The term "Federal financial institutions regulatory agencies" means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporations, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration. (7) FINANCIAL INSTITUTION. —The term "financial institution" means an insured depository institution as defined in section 3 of the Federal Deposit Insurance Act or an insured credit union as defined in section 101 of the Federal Credit Union Act. (8) CHAIRPERSON.— The term "Chairperson" means the Chair- person of the Appraisal Subcommittee selected by the council. (9) FOUNDATION.— The terms "Appraisal Foundation" and "Foundation" means the Appraisal Foundation established on November 30, 1987, as a not for profit corporation under the laws of Illinois. (10) WRITTEN APPRAISAL.— The term "written appraisal" means a written statement used in connection with a federally related transaction that is independently and impartially pre- pared by a licensed or certified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by presentation and analysis of relevant market information. 12 USC 3351. SEC. 1122. MISCELLANEOUS PROVISIONS. (a) TEMPORARY PRACTICE. —A State appraiser certifying or licens- ing agency shall recognize on a temporary basis the certification or license of an appraiser issued by another State if— (1) the property to be appraised is part of a federally related transaction, (2) the appraiser's business is of a temporary nature, and (3) the appraiser registers with the appraiser certifying or licensing agency in the State of temporary practice. (b) SUPPLEMENTAL FUNDING. —Funds available to the Federal financial institutions regulatory agencies may be made available to the Federal Financial Institutions Examination Council to support the council's functions under this title. (c) PROHIBITION AGAINST DISCRIMINATION. —Criteria established by the Federal financial institutions regulatory agencies, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Resolution Trust Corporation for appraiser qualifications in addition to State certification or licensing shall not exclude a certified or licensed appraiser for consideration for an assignment solely by virtue of membership or lack of membership in any particular appraisal organization. (d) OTHER REQUIREMENTS. —A corporation, partnership, or other business entity may provide appraisal services in connection with federally related transactions if such appraisal is prepared by individuals certified or licensed in accordance with the require- ments of this title. An individual who is not a State certified or licensed appraiser may assist in the preparation of an appraisal if— (1) the assistant is under the direct supervision of a licensed or certified individual; and

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