Broker price opinions

12 U.S.C. § 3355

• Title: 12 — Banks and Banking
• Chapter: 34A — APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

Text

(a) General prohibition
In conjunction with the purchase of a consumer's principal dwelling, broker price opinions may not be used as the primary basis to determine the value of a piece of property for the purpose of a loan origination of a residential mortgage loan secured by such piece of property.
(b) Broker price opinion defined
For purposes of this section, the term "broker price opinion" means an estimate prepared by a real estate broker, agent, or sales person that details the probable selling price of a particular piece of real estate property and provides a varying level of detail about the property's condition, market, and neighborhood, and information on comparable sales, but does not include an automated valuation model, as defined in section 3354(c) 1 of this title.

History

(Pub. L. 101–73, title XI, §1126, as added Pub. L. 111–203, title XIV, §1473(r), July 21, 2010, 124 Stat. 2198.)

Editorial Notes

Editorial Notes

References in Text
Section 3354(c) of this title, referred to in subsec. (b), probably means section 3354(d) of this title, which defines "automated valuation model".

Statutory Notes and Related Subsidiaries

Effective Date
Section effective on the date on which final regulations implementing such section 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 an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade.