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FFIEC Appraisal Subcommittee

Lending / Investments
September 8, 1995

The Appraisal Subcommittee of the Federal Financial Institutions Examination Council ("ASC") is publishing a notice in the Federal Register to solicit public comment on how the ASC should implement §315 of the Riegle Community Development and Regulatory Improvement Act of 1994 ("CDRIA"). The amendment added the following subparagraph to §1122(a) of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989:

(2) Fees for temporary practice.  A state appraiser certifying or licensing agency shall not impose excessive fees or burdensome requirements, as determined by the Appraisal Subcommittee, for temporary practice under this subsection.

(b) Reciprocity.  The Appraisal Subcommittee shall encourage the States to develop reciprocity agreements that readily authorize appraisers who are licensed or certified in one State (and who are in good standing with their State appraiser certifying or licensing agency) to perform appraisals in other States.

The ASC anticipates that the comments generated by the notice will facilitate the establishment of a more efficient and uniform system for providing temporary practice and reciprocity to State certified and licensed real estate appraisers. The notice is expected to be published in the Federal Register on September 12, 1995.

For further information, please contact the ASC at (202) 634-6520.

Distribution

FDIC-Supervised Banks (Commercial and Savings)

FIL-65-95
Attachment(s)

Last Updated: September 8, 1995