Page:United States Statutes at Large Volume 124.djvu/2215

 124 STAT. 2189 PUBLIC LAW 111–203—JULY 21, 2010 appraisal independence in the provision of mortgage lending services for a consumer credit transaction secured by the prin- cipal dwelling of the consumer or mortgage brokerage services for such a transaction and defining any terms in this section or such regulations. Rules prescribed by the Board under this paragraph shall be deemed to be rules prescribed by the agen- cies jointly under paragraph (1). ‘‘(h) APPRAISAL REPORT PORTABILITY.—Consistent with the requirements of this section, the Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, the Federal Housing Finance Agency, and the Bureau may jointly issue regulations that address the issue of appraisal report portability, including regulations that ensure the portability of the appraisal report between lenders for a consumer credit transaction secured by a 1-4 unit single family residence that is the principal dwelling of the consumer, or mortgage brokerage services for such a transaction. ‘‘(i) CUSTOMARY AND REASONABLE FEE.— ‘‘(1) IN GENERAL.—Lenders and their agents shall com- pensate fee appraisers at a rate that is customary and reason- able for appraisal services performed in the market area of the property being appraised. Evidence for such fees may be established by objective third-party information, such as government agency fee schedules, academic studies, and inde- pendent private sector surveys. Fee studies shall exclude assignments ordered by known appraisal management compa- nies. ‘‘(2) FEE APPRAISER DEFINITION.—For purposes of this sec- tion, the term ‘fee appraiser’ means a person who is not an employee of the mortgage loan originator or appraisal manage- ment company engaging the appraiser and is— ‘‘(A) a State licensed or certified appraiser who receives a fee for performing an appraisal and certifies that the appraisal has been prepared in accordance with the Uni- form Standards of Professional Appraisal Practice; or ‘‘(B) a company not subject to the requirements of section 1124 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) that utilizes the services of State licensed or certified appraisers and receives a fee for performing appraisals in accordance with the Uniform Standards of Professional Appraisal Practice. ‘‘(3) EXCEPTION FOR COMPLEX ASSIGNMENTS.—In the case of an appraisal involving a complex assignment, the customary and reasonable fee may reflect the increased time, difficulty, and scope of the work required for such an appraisal and include an amount over and above the customary and reason- able fee for non-complex assignments. ‘‘(j) SUNSET.—Ef fective on the date the interim final regulations are promulgated pursuant to subsection (g), the Home Valuation Code of Conduct announced by the Federal Housing Finance Agency on December 23, 2008, shall have no force or effect. ‘‘(k) PENALTIES.— ‘‘(1) FIRST VIOLATION.—In addition to the enforcement provisions referred to in section 130, each person who violates this section shall forfeit and pay a civil penalty of not more than $10,000 for each day any such violation continues.