ASC Rules

The ASC has adopted four sets of regulations, which are officially in volume 12 of the Code of Federal Regulations, part 1102, subparts A, B, C, and D.

Subpart A describes the ASC's procedures for granting, extending, and terminating temporary waiver relief. These procedures apply whenever a State appraiser regulatory agency requests the ASC for a waiver of any requirement relating to certification or licensing of a person to perform appraisals under Title XI. The procedures also apply when the ASC, based on sufficient, credible information or requests received from other persons or entities, initiates a temporary waiver proceeding. Temporary waivers generally are appropriate when a scarcity of certified or licensed appraisers exists.

Subpart B contains the ASC's rules of practice for proceedings. These procedures generally govern how the ASC formally initiates and determines if a State appraiser regulatory agency's policies, practices, and procedures are inconsistent with Title XI. If the ASC makes such a finding, certifications or licenses issued by the offending State appraiser regulatory agency are "not recognized" by Federal agencies, Fannie Mae and Freddie Mac, and affected appraisers cannot legally perform appraisals for Federally insured financial institutions and Fannie Mae and Freddie Mac.

Subpart C concerns ASC implementation of the Privacy Act of 1974, which was adopted to protect the privacy of persons identified in information systems maintained by the Federal agencies. The subpart establishes procedures that require the ASC to: advise an individual upon request whether records maintained by the ASC in a system of records pertain to that person; and grant that person access to those records; and provide the person with an opportunity to correct or amend those records.

Subpart D implements the Freedom of Information Act. The subpart describes the ASC's authority and functions, its organization and method of operation, and the procedures for persons to request documents from the ASC. It also enables the public to petition for the issuance, amendment, and repeal of rules of general application.