Page:United States Statutes at Large Volume 124.djvu/2223

 124 STAT. 2197 PUBLIC LAW 111–203—JULY 21, 2010 by a certified or licensed appraiser unless the State appraiser certifying or licensing agency of the State certifying or licensing such appraiser has in place a policy of issuing a reciprocal certifi- cation or license for an individual from another State when— ‘‘(1) the appraiser licensing and certification program of such other State is in compliance with the provisions of this title; and ‘‘(2) the appraiser holds a valid certification from a State whose requirements for certification or licensing meet or exceed the licensure standards established by the State where an individual seeks appraisal licensure.’’. (m) CONSIDERATION OF PROFESSIONAL APPRAISAL DESIGNA- TIONS.—Section 1122(d) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351(d)) is amended by striking ‘‘shall not exclude’’ and all that follows through the end of the subsection and inserting the following: ‘‘may include education achieved, experience, sample appraisals, and references from prior clients. Membership in a nationally recognized profes- sional appraisal organization may be a criteria considered, though lack of membership therein shall not be the sole bar against consid- eration for an assignment under these criteria.’’. (n) APPRAISER INDEPENDENCE.—Section 1122 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351) is amended by adding at the end the following new subsection: ‘‘(g) APPRAISER INDEPENDENCE MONITORING.—The Appraisal Subcommittee shall monitor each State appraiser certifying and licensing agency for the purpose of determining whether such agency’s policies, practices, and procedures are consistent with the purposes of maintaining appraiser independence and whether such State has adopted and maintains effective laws, regulations, and policies aimed at maintaining appraiser independence.’’. (o) APPRAISER EDUCATION.—Section 1122 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351) is amended by inserting after subsection (g) (as added by subsection (l) of this section) the following new subsection: ‘‘(h) APPROVED EDUCATION.—The Appraisal Subcommittee shall encourage the States to accept courses approved by the Appraiser Qualification Board’s Course Approval Program.’’. (p) APPRAISAL COMPLAINT HOTLINE.—Section 1122 of the Finan- cial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351), as amended by this section, is amended by adding at the end the following new subsection: ‘‘(i) APPRAISAL COMPLAINT NATIONAL HOTLINE.—If, 6 months after the date of the enactment of this subsection, the Appraisal Subcommittee determines that no national hotline exists to receive complaints of non-compliance with appraisal independence stand- ards and Uniform Standards of Professional Appraisal Practice, including complaints from appraisers, individuals, or other entities concerning the improper influencing or attempted improper influ- encing of appraisers or the appraisal process, the Appraisal Sub- committee shall establish and operate such a national hotline, which shall include a toll-free telephone number and an email address. If the Appraisal Subcommittee operates such a national hotline, the Appraisal Subcommittee shall refer complaints for further action to appropriate governmental bodies, including a State appraiser certifying and licensing agency, a financial institution regulator, Deadline. Determination.