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H.R. 3619: Appraisal Fee Transparency Act of 2019

The text of the bill below is as of Sep 23, 2019 (Referred to Senate Committee).


IIB

116th CONGRESS

1st Session

H. R. 3619

IN THE SENATE OF THE UNITED STATES

September 23, 2019

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry fees for appraisal management companies, to maintain a registry of trainees and charge a lower trainee registry fee, and to allow grants to States to assist appraiser and potential appraiser compliance with the Real Property Appraiser Qualification Criteria, and for other purposes.

1.

Short title

This Act may be cited as the Appraisal Fee Transparency Act of 2019.

2.

Annual registry fees for appraisal management companies

Subparagraph (B) of section 1109(a)(4) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3338(a)(4)(B)) is amended—

(1)

in clause (ii), by striking the period at the end and inserting a semicolon; and

(2)

by inserting after and below clause (ii) the following:

except that if the Appraisal Subcommittee determines that the fees established under clause (i) or (ii) result in adverse consequences or are otherwise not appropriately tailored to meet the goals of this paragraph, the Appraisal Subcommittee may establish a new formula for fees, which new formula may not take effect until the Appraisal Subcommittee submits a report to the Congress justifying its decision to establish such a new formula, setting forth the new formula, and explaining how the new formula will affect such fees.

.

3.

Trainee appraisers

(a)

Maintenance on national registry

Paragraph (3) of section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3332(a)(3)) is amended by striking and licensed and inserting , licensed, and trainee.

(b)

Annual registry fees

Subparagraph (A) of section 1109(a)(4) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3338(a)(4)(A)) is amended—

(1)

by inserting including trainee appraisers, after transactions,;

(2)

by inserting except that the Appraisal Subcommittee may, in its discretion, charge a fee for trainee appraisers not exceeding $20 after $40,; and

(3)

by inserting before the semicolon the following: ; except that nothing in this subparagraph may be construed to require a State to establish or operate an program for trainee appraisers.

(c)

Definition

Section 1121 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350) is amended by adding at the end the following new paragraph:

(12)

Trainee appraiser

The term trainee appraiser means an individual who meets the minimum criteria established by the Appraiser Qualification Board for a trainee appraiser license and is credentialed by a State appraiser certifying and licensing agency.

.

4.

Grants to nonprofits and institutions of higher education for compliance efforts

Paragraph (5) of section 1109(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3338(b)(5)) is amended by inserting nonprofit organizations, and institutions of higher education after licensing agencies,.

5.

Requirement to disclose appraisal fees

Section 4(c) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603(c)) is amended by striking may and inserting shall.

6.

Inclusion of designee of Secretary of Veterans Affairs on Appraisal Subcommittee

The first sentence of section 1011 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3310) is amended by inserting the Department of Veterans Affairs, after Protection,.

7.

Determination of budgetary effects

The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives September 19, 2019.

Cheryl L. Johnson,

Clerk