[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR614.4267]



[Page 121-122]

 

                       TITLE 12--BANKS AND BANKING

 

                 CHAPTER VI--FARM CREDIT ADMINISTRATION

 

PART 614_LOAN POLICIES AND OPERATIONS--Table of Contents

 

              Subpart F_Collateral Evaluation Requirements

 

Sec. 614.4267  Professional association membership; competency.



    (a) Membership in appraisal organizations. A State certified 

appraiser or a State licensed appraiser may not be excluded from 

consideration for an assignment for a real estate-related



[[Page 122]]



transaction solely by virtue of membership or lack of membership in any 

particular appraisal organization.

    (b) Competency. All staff and fee evaluators, including appraisers, 

performing evaluations in connection with real, personal, or intangible 

property taken as collateral in connection with extensions of credit 

must meet the qualification requirements of this subpart. However, an 

evaluator (as defined in Sec. 614.4240(n)) may not be considered 

competent solely by virtue of being certified, licensed, or accredited. 

Any determination of competency shall be based on the individual's 

experience and educational background as they relate to the particular 

evaluation assignment for which such individual is being considered.



Subpart G [Reserved]