Page:United States Statutes at Large Volume 124.djvu/2219

 124 STAT. 2193 PUBLIC LAW 111–203—JULY 21, 2010 background investigation carried out by the State appraiser certi- fying and licensing agency. ‘‘(e) REPORTING.—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 promulgate regula- tions for the reporting of the activities of appraisal management companies to the Appraisal Subcommittee in determining the pay- ment of the annual registry fee. ‘‘(f) EFFECTIVE DATE.— ‘‘(1) IN GENERAL.—No appraisal management company may perform services related to a federally related transaction in a State after the date that is 36 months after the date on which the regulations required to be prescribed under sub- section (a) are prescribed in final form unless such company is registered with such State or subject to oversight by a Federal financial institutions regulatory agency. ‘‘(2) EXTENSION OF EFFECTIVE DATE.—Subject to the approval of the Council, the Appraisal Subcommittee may extend by an additional 12 months the requirements for the registration and supervision of appraisal management compa- nies if it makes a written finding that a State has made substantial progress in establishing a State appraisal manage- ment company registration and supervision system that appears to conform with the provisions of this title.’’. (3) STATE APPRAISER CERTIFYING AND LICENSING AGENCY AUTHORITY.—Section 1117 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3346) is amended by adding at the end the following: ‘‘The duties of such agency may additionally include the registration and supervision of appraisal management companies and the addi- tion of information about the appraisal management company to the national registry.’’. (4) APPRAISAL MANAGEMENT COMPANY DEFINITION.—Section 1121 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350) is amended by adding at the end the following: ‘‘(11) APPRAISAL MANAGEMENT COMPANY.—The term ‘appraisal management company’ means, in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than 15 certified or licensed appraisers in a State or 25 or more nationally within a given year— ‘‘(A) to recruit, select, and retain appraisers; ‘‘(B) to contract with licensed and certified appraisers to perform appraisal assignments; ‘‘(C) to manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submit- ting completed appraisal reports to creditors and under- writers, collecting fees from creditors and underwriters for Regulations.