Statutes, Rules and Policies

Statutes, rules, and policies are the legal framework within which the ASC operates.

The ASC must comply with many Federal statutes, such as the Freedom of Information Act and the Privacy Act of 1974. The most critical Federal statute pertaining to the ASC is Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended. Title XI created the ASC, outlined its structure, and specified its goals and responsibilities. Legislation of this type is often described as an "enabling" or "organic" act.

Regulations generally are formal agency actions that implement statutes. Regulations have the force of law. Most regulations result from a public notice and comment process required by the Federal Administrative Procedures Act. The ASC has adopted regulations to implement the Freedom of Information Act, the Privacy Act of 1974, and specific portions of Title XI.

Policies may or may not be formal agency actions. Policies most often are used to interpret the meaning of statutes or regulations. The ASC has adopted ten formal Policy Statements Regarding State Certification and Licensing of Real Estate Appraisers. These Policy Statements interpret Title XI and reflect the general framework that the ASC uses when it reviews State appraiser regulatory programs for compliance with Title XI.