[Code of Federal Regulations]

[Title 12, Volume 7]

[Revised as of January 1, 2006]

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

[CITE: 12CFR1102.302]



[Page 257]

 

                       TITLE 12--BANKS AND BANKING

 

     CHAPTER XI--FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

 

PART 1102_APPRAISER REGULATION--Table of Contents

 

     Subpart D_Description of Office, Procedures, Public Information

 

Sec. 1102.302  ASC authority and functions.



    (a) Authority. The ASC was established on August 9, 1989, pursuant 

to title XI of the Financial Institutions Reform, Recovery, and 

Enforcement Act of 1989, as amended (``FIRREA''), 12 U.S.C. 3331 and 

3310 through 3351. Title XI is intended ``to provide that Federal 

financial and public policy interests in real estate related 

transactions will be protected by requiring that real estate appraisals 

utilized in connection with federally related transactions are performed 

in writing, in accordance with uniform standards, by individuals whose 

competency has been demonstrated and whose professional conduct will be 

subject to effective supervision.'' 12 U.S.C. 3331.

    (b) Functions. The ASC's statutory functions are generally set out 

in 12 U.S.C. 3332. In summary, the ASC must:

    (1) Monitor the requirements established by the States for the 

certification and licensing of individuals who are qualified to perform 

appraisals in connection with federally related transactions, including 

a code of professional responsibility;

    (2) Monitor the requirements of the Federal financial institutions 

regulatory agency and Resolution Trust Corporation with respect to 

appraisal standards for federally related transactions and 

determinations as to which federally related transactions require the 

services of a State certified appraiser and which require the services 

of a State licensed appraiser;

    (3) Monitor and review the practices, procedures, activities and 

organizational structure of the Appraisal Foundation; and

    (4) Maintain a national registry of State certified and licensed 

appraisers eligible to perform appraisals in federally related 

transactions.