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U.S. Code as of:
01/19/04
Section 3347. Monitoring of State appraiser certifying and licensing agencies
(a) In general
The Appraisal Subcommittee shall monitor State appraiser
certifying and licensing agencies for the purpose of determining
whether a State agency's policies, practices, and procedures are
consistent with this chapter. The Appraisal Subcommittee and all
agencies, instrumentalities, and federally recognized entities
under this chapter shall not recognize appraiser certifications and
licenses from States whose appraisal policies, practices, or
procedures are found to be inconsistent with this chapter.
(b) Disapproval by Appraisal Subcommittee
The Federal financial institutions, regulatory agencies, the
Federal National Mortgage Association, the Federal Home Loan
Mortgage Corporation, and the Resolution Trust Corporation shall
accept certifications and licenses awarded by a State appraiser
certifying the licensing agency unless the Appraisal Subcommittee
issues a written finding that -
(1) the State agency fails to recognize and enforce the
standards, requirements, and procedures prescribed pursuant to
this chapter;
(2) the State agency is not granted authority by the State
which is adequate to permit the agency to carry out its functions
under this chapter; or
(3) decisions concerning appraisal standards, appraiser
qualifications and supervision of appraiser practices are not
made in a manner that carries out the purposes of this chapter.
(c) Rejection of State certifications and licenses
(1) Opportunity to be heard or correct conditions
Before refusing to recognize a State's appraiser certifications
or licenses, the Appraisal Subcommittee shall provide that
State's certifying and licensing agency a written notice of its
intention not to recognize the State's certified or licensed
appraisers and ample opportunity to provide rebuttal information
or to correct the conditions causing the refusal.
(2) Adoption of procedures
The Appraisal Subcommittee shall adopt written procedures for
taking actions described in this section.
(3) Judicial review
A decision of the subcommittee under this section shall be
subject to judicial review.
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