[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3619 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 3619
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.
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IN THE HOUSE OF REPRESENTATIVES
July 5, 2019
Mr. Clay introduced the following bill; which was referred to the
Committee on Financial Services
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A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Appraisal Reform Act of 2019''.
SEC. 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.''.
SEC. 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.''.
SEC. 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,''.
SEC. 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''.
SEC. 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,''.
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