Page:United States Statutes at Large Volume 124.djvu/2221

 124 STAT. 2195 PUBLIC LAW 111–203—JULY 21, 2010 (B) by amending the matter following paragraph (4), as redesignated, to read as follows: ‘‘Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees under paragraph (4)(A), up to a maximum of $80 per annum, as necessary to carry out its functions under this title. The Appraisal Subcommittee shall consider at least once every 5 years whether to adjust the dollar amount of the registry fees to account for inflation. In imple- menting any change in registry fees, the Appraisal Subcommittee shall provide flexibility to the States for multi-year certifications and licenses already in place, as well as a transition period to implement the changes in registry fees. In establishing the amount of the annual registry fee for an appraisal management company, the Appraisal Subcommittee shall have the discretion to impose a minimum annual registry fee for an appraisal management com- pany to protect against the under reporting of the number of appraisers working for or contracted by the appraisal management company.’’. (2) INCREMENTAL REVENUES.—Incremental revenues col- lected pursuant to the increases required by this subsection shall be placed in a separate account at the United States Treasury, entitled the ‘‘Appraisal Subcommittee Account’’. (i) GRANTS AND REPORTS.—Section 1109(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3338(b)) is amended— (1) by striking ‘‘and’’ after the semicolon in paragraph (3); (2) by striking the period at the end of paragraph (4) and inserting a semicolon; (3) by adding at the end the following new paragraphs: ‘‘(5) to make grants to State appraiser certifying and licensing agencies, in accordance with policies to be developed by the Appraisal Subcommittee, to support the efforts of such agencies to comply with this title, including— ‘‘(A) the complaint process, complaint investigations, and appraiser enforcement activities of such agencies; and ‘‘(B) the submission of data on State licensed and cer- tified appraisers and appraisal management companies to the National appraisal registry, including information affirming that the appraiser or appraisal management com- pany meets the required qualification criteria and formal and informal disciplinary actions; and ‘‘(6) to report to all State appraiser certifying and licensing agencies when a license or certification is surrendered, revoked, or suspended.’’. Obligations authorized under this subsection may not exceed 75 percent of the fiscal year total of incremental increase in fees collected and deposited in the ‘‘Appraisal Subcommittee Account’’ pursuant to subsection (h). (j) CRITERIA.—Section 1116 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3345) is amended— (1) in subsection (c), by inserting ‘‘whose criteria for the licensing of a real estate appraiser currently meet or exceed the minimum criteria issued by the Appraisal Qualifications Board of The Appraisal Foundation for the licensing of real estate appraisers’’ before the period at the end; and 12 USC 3338 note. Deadline.