Page:United States Statutes at Large Volume 106 Part 5.djvu/256

 106 STAT. 3894 PUBLIC LAW 102-550—OCT. 28, 1992 'X\i) LIMIT.— The applicable percentage limit allowed by the Director in an order under clause (iii) shall not exceed the following limits: Tor the followinf period: The limit is: Prior to July 1, 1994 75 percent July 1, 1994 through June 30, 1995 60 percent July 1, 1995 through June 30, 1996 40 percent After June 30, 1996 0 percent "(vii) CRITICALLY UNDERCAPITALIZED msTiru- TION. —In the case of a savings associat oii that becomes critically undercapitalized (as define! in section 38 of the Federal Deposit Insurance Act) VM determined under this subparagraph without tipplying clause (iii), clauses (iii) through (v) shall be applied by substituting 'Corporation' for IDirector* eac'i place such term appears. "(viii) QUALIFIED SAVINGS ASSOCIATION DEFINED. — For purposes of clause (iii), the term 'qualified savings association' means an eligible savings associatian (as defined in paragraph (3)tB)) which is subject to this paragraph solely because of the real estate investments or other real estate activities of the association's subsidiary, and— "(I) is adequately capitalized (as defined in / section 38 of the Federal Deposit Insurance Act); / °' "(11) is in compliance with an approved capital restoration plan meeting the requirements of section 38 of the Federid Deposit Insurance Act, and is not critically undercapitalized (as defined in such section).", (b) TECHNICAL AND CONFORMING AMENDMENT.—Clause (ix) of section 5(t)(5)(D) of the Home Owners' Loan Act (12 U.S.C. 1464(t)(5)(D)) (as so redesignated by subsection (a) of this section) is amended by inserting "or prescribed under clause (iii)" after "clause (ii)". SEC. 964. REAL ESTATE APPRAISAL AMENDMENT. Section 1112 of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3341) is amended— (1) by striking "Each Federid financial institutions" and inserting "(a) IN GENERAL. —Each Federal financial institutions"; and (2) by adding at the end the following new subsections: "(b) TilRESHOLD LEVEL.— Each Federal financial institutions regulatory agency and the Resolution Trust Corporation may establish a threshold level at or below which a certified or ucensed appraiser is not required to perform appraisals in connection with f^erally related transactions, if such agency determines in writing that such threshold level does not represent a threat to the safety and soundness offinancialinstitutions. "(c) GAO STUDY OF APPRAISALS IN CONNECTION WITH REAL ESTATE RELATED FINANCIAL TRANSACTIONS BELOW THE THRESHOLD LEVEL.— "(1) STUDY REQUIRED. —A t the end of the 18-month period, and the end of the 36-month period, beginning on the date of the enactment of this subsection, the Comptroller General

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