Page:United States Statutes at Large Volume 124.djvu/2222

 124 STAT. 2196 PUBLIC LAW 111–203—JULY 21, 2010 (2) by striking subsection (e) and inserting the following new subsection: ‘‘(e) MINIMUM QUALIFICATION REQUIREMENTS.—Any require- ments established for individuals in the position of ‘Trainee Appraiser’ and ‘Supervisory Appraiser’ shall meet or exceed the minimum qualification requirements of the Appraiser Qualifications Board of The Appraisal Foundation. The Appraisal Subcommittee shall have the authority to enforce these requirements.’’. (k) MONITORING OF STATE APPRAISER CERTIFYING AND LICENSING AGENCIES.—Section 1118 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3347) is amended— (1) by amending subsection (a) to read as follows: ‘‘(a) IN GENERAL.—The Appraisal Subcommittee shall monitor each State appraiser certifying and licensing agency for the pur- poses of determining whether such agency— ‘‘(1) has policies, practices, funding, staffing, and procedures that are consistent with this title; ‘‘(2) processes complaints and completes investigations in a reasonable time period; ‘‘(3) appropriately disciplines sanctioned appraisers and appraisal management companies; ‘‘(4) maintains an effective regulatory program; and ‘‘(5) reports complaints and disciplinary actions on a timely basis to the national registries on appraisers and appraisal management companies maintained by the Appraisal Sub- committee. The Appraisal Subcommittee shall have the authority to remove a State licensed or certified appraiser or a registered appraisal management company from a national registry on an interim basis, not to exceed 90 days, pending State agency action on licensing, certification, registration, and disciplinary proceedings. The Appraisal Subcommittee and all agencies, instrumentalities, and Federally recognized entities under this title shall not recognize appraiser certifications and licenses from States whose appraisal policies, practices, funding, staffing, or procedures are found to be inconsistent with this title. The Appraisal Subcommittee shall have the authority to impose sanctions, as described in this section, against a State agency that fails to have an effective appraiser regulatory program. In determining whether such a program is effective, the Appraisal Subcommittee shall include an analysis of the licensing and certification of appraisers, the registration of appraisal management companies, the issuance of temporary licenses and certifications for appraisers, the receiving and tracking of submitted complaints against appraisers and appraisal manage- ment companies, the investigation of complaints, and enforcement actions against appraisers and appraisal management companies. The Appraisal Subcommittee shall have the authority to impose interim actions and suspensions against a State agency as an alternative to, or in advance of, the derecognition of a State agency.’’. (2) in subsection (b)(2), by inserting after ‘‘authority’’ the following: ‘‘or sufficient funding’’. (l) RECIPROCITY.—Subsection (b) of section 1122 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351(b)) is amended to read as follows: ‘‘(b) RECIPROCITY.—Notwithstanding any other provisions of this title, a federally related transaction shall not be appraised