12 USC 3349 - Violations in obtaining and performing appraisals in federally related transactions

U.S Code last checked for updates: Nov 22, 2024

§ 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

(c)

Proceeding

(Pub. L. 101–73, title XI, § 1120, Aug. 9, 1989, 103 Stat. 517.)

cite as: 12 USC 3349