FEDERAL · 12 U.S.C. · Chapter 34A
Transactions requiring services of State certified appraiser
Current through Pub. L. 119-102
Title 12 — Banks and Banking·Ch. 34A — APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
(a)In general
In determining whether an appraisal in connection with a federally related transaction shall be performed by a State certified appraiser, an agency or instrumentality under this chapter shall consider whether transactions, either individually or collectively, are of sufficient financial or public policy importance to the United States that an individual who performs an appraisal in connection with such transactions should be a State certified appraiser, except that—
(1)a State certified appraiser shall be required for all federally related transactions having a value of $1,000,000 or more; and
(2)1-to-4 unit, single family residential appraisals may be performed by State licensed appraisers unless the size and complexity requires a State certified appraiser, where a comple
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12 U.S.C. § 3342 (Transactions requiring services of State certified appraiser) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Jones v. Rosenberg
940 A.2d 1109 (Court of Special Appeals of Maryland, 2008)
Cerreta v. Dept. of Commerce, 2008 Ca 00125 (4-13-2009)
2009 Ohio 1760 (Ohio Court of Appeals, 2009)
Attorney General Opinion No.
(Kansas Attorney General Reports, 1994)
Source Credit
History
(Pub. L. 101–73, title XI, §1113, Aug. 9, 1989, 103 Stat. 514; Pub. L. 111–203, title XIV, §1473(e)(2), July 21, 2010, 124 Stat. 2191; Pub. L. 119–101, title IV, §403(c)(3), July 11, 2026, 140 Stat. 901.)
Editorial Notes
Editorial Notes
Amendments
2026—Pub. L. 119–101 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
2010—Par. (2). Pub. L. 111–203 inserted ", where a complex 1-to-4 unit single family residential appraisal means an appraisal for which the property to be appraised, the form of ownership, the property characteristics, or the market conditions are atypical" before the period.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.
Amendments
2026—Pub. L. 119–101 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
2010—Par. (2). Pub. L. 111–203 inserted ", where a complex 1-to-4 unit single family residential appraisal means an appraisal for which the property to be appraised, the form of ownership, the property characteristics, or the market conditions are atypical" before the period.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.