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
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.
This Act may be cited as the
Appraisal Fee Transparency Act of 2019.
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—
in clause (ii), by striking the period at the end and inserting a semicolon; and
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.
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.
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—
including trainee appraisers, after
except that the Appraisal Subcommittee may, in its discretion, charge a fee for trainee appraisers not exceeding $20 after
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.
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:
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.
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
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
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
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,