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U.S. Code as of:
01/19/04
Section 3349. Violations in obtaining and performing appraisals in federally related transactions
(a) Violations
Except as authorized by the Appraisal Subcommittee in exercising
its waiver authority pursuant to section 3348(b) of this title, it
shall be a violation of this section -
(1) for a financial institution to seek, obtain, or give money
or any other thing of value in exchange for the performance of an
appraisal by a person who the institution knows is not a State
certified or licensed appraiser in connection with a federally
related transaction; and
(2) for the Federal National Mortgage Association, the Federal
Home Loan Mortgage Corporation, or the Resolution Trust
Corporation to knowingly contract for the performance of any
appraisal by a person who is not a State certified or licensed
appraiser in connection with a real estate related financial
transaction defined in section 3350(5) of this title to which
such association or corporation is a party.
(b) Penalties
A financial institution that violates subsection (a)(1) of this
section shall be subject to civil penalties under section
1818(i)(2) of this title or section 1786(k)(2) of this title, as
appropriate.
(c) Proceeding
A proceeding with respect to a violation of this section shall be
an administrative proceeding which may be conducted by a Federal
financial institutions regulatory agency in accordance with the
procedures set forth in subchapter II of chapter 5 of title 5.
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