Page:United States Statutes at Large Volume 124.djvu/2220

 124 STAT. 2194 PUBLIC LAW 111–203—JULY 21, 2010 services provided, and reimbursing appraisers for services performed; or ‘‘(D) to review and verify the work of appraisers.’’. (g) STATE AGENCY REPORTING REQUIREMENT.—Section 1109(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3338(a)) is amended— (1) by striking ‘‘and’’ after the semicolon in paragraph (1); (2) by redesignating paragraph (2) as paragraph (4); and (3) by inserting after paragraph (1) the following new para- graphs: ‘‘(2) transmit reports on the issuance and renewal of licenses and certifications, sanctions, disciplinary actions, license and certification revocations, and license and certifi- cation suspensions on a timely basis to the national registry of the Appraisal Subcommittee; ‘‘(3) transmit reports on a timely basis of supervisory activi- ties involving appraisal management companies or other third- party providers of appraisals and appraisal management serv- ices, including investigations initiated and disciplinary actions taken; and’’. (h) REGISTRY FEES MODIFIED.— (1) IN GENERAL.—Section 1109(a) of the Financial Institu- tions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3338(a)) is amended— (A) by amending paragraph (4) (as modified by section 1473(g)) to read as follows: ‘‘(4) collect— ‘‘(A) from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $40, such fees to be transmitted by the State agencies to the Council on an annual basis; and ‘‘(B) from an appraisal management company that either has registered with a State appraiser certifying and licensing agency in accordance with this title or operates as a subsidiary of a federally regulated financial institution, an annual registry fee of— ‘‘(i) in the case of such a company that has been in existence for more than a year, $25 multiplied by the number of appraisers working for or contracting with such company in such State during the previous year, but where such $25 amount may be adjusted, up to a maximum of $50, at the discretion of the Appraisal Subcommittee, if necessary to carry out the Subcommittee’s functions under this title; and ‘‘(ii) in the case of such a company that has not been in existence for more than a year, $25 multiplied by an appropriate number to be determined by the Appraisal Subcommittee, and where such number will be used for determining the fee of all such companies that were not in existence for more than a year, but where such $25 amount may be adjusted, up to a maximum of $50, at the discretion of the Appraisal Subcommittee, if necessary to carry out the Sub- committee’s functions under this title.’’; and