Page:United States Statutes at Large Volume 124.djvu/2218

 124 STAT. 2192 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(B) for the registration and supervision of the oper- ations and activities of an appraisal management com- pany;’’; and (B) by adding at the end the following new paragraph: ‘‘(6) maintain a national registry of appraisal management companies that either are registered with and subject to super- vision of a State appraiser certifying and licensing agency or are operating subsidiaries of a Federally regulated financial institution.’’. (2) APPRAISAL MANAGEMENT COMPANY MINIMUM REQUIRE- MENTS.—Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is amended by adding at the end the following new section (and amending the table of contents accordingly): ‘‘SEC. 1124. APPRAISAL MANAGEMENT COMPANY MINIMUM REQUIRE- MENTS. ‘‘(a) IN GENERAL.—The Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Adminis- tration Board, the Federal Housing Finance Agency, and the Bureau of Consumer Financial Protection shall jointly, by rule, establish minimum requirements to be applied by a State in the registration of appraisal management companies. Such requirements shall include a requirement that such companies— ‘‘(1) register with and be subject to supervision by a State appraiser certifying and licensing agency in each State in which such company operates; ‘‘(2) verify that only licensed or certified appraisers are used for federally related transactions; ‘‘(3) require that appraisals coordinated by an appraisal management company comply with the Uniform Standards of Professional Appraisal Practice; and ‘‘(4) require that appraisals are conducted independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established under sec- tion 129E of the Truth in Lending Act. ‘‘(b) RELATION TO STATE LAW.—Nothing in this section shall be construed to prevent States from establishing requirements in addition to any rules promulgated under subsection (a). ‘‘(c) FEDERALLY REGULATED FINANCIAL INSTITUTIONS.—The requirements of subsection (a) shall apply to an appraisal manage- ment company that is a subsidiary owned and controlled by a financial institution and regulated by a Federal financial institution regulatory agency. An appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a Federal financial institution regulatory agency shall not be required to register with a State. ‘‘(d) REGISTRATION LIMITATIONS.—An appraisal management company shall not be registered by a State or included on the national registry if such company, in whole or in part, directly or indirectly, is owned by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any State. Additionally, each person that owns more than 10 percent of an appraisal management com- pany shall be of good moral character, as determined by the State appraiser certifying and licensing agency, and shall submit to a Investigation. Applicability. Regulations. Applicability. States. 12 USC 3353.