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124 STAT. 2190 PUBLIC LAW 111–203—JULY 21, 2010

Applicability. ‘‘(2) SUBSEQUENT VIOLATIONS.—In the case of any person
on whom a civil penalty has been imposed under paragraph
(1), paragraph (1) shall be applied by substituting ‘$20,000’
for ‘$10,000’ with respect to all subsequent violations.
‘‘(3) ASSESSMENT.—The agency referred to in subsection
(a) or (c) of section 108 with respect to any person described
in paragraph (1) shall assess any penalty under this subsection
to which such person is subject.’’.
(b) CLERICAL AMENDMENT.—The table of sections for chapter
2 of the Truth in Lending Act is amended by inserting after the
item relating to section 129D (as added by section 1461(c)) the
following new items:

‘‘129E. Appraisal independence requirements.
‘‘129F. Requirements for prompt crediting of home loan payments.
‘‘129G. Requests for payoff amounts of home loan.
‘‘129H. Property appraisal requirements.’’.
(c) DEFERENCE.—Section 105 of the Truth in Lending Act (15
U.S.C. 1604) is amended by adding at the end the following:
Applicability. ‘‘(h) DEFERENCE.—Notwithstanding any power granted to any
Federal agency under this title, the deference that a court affords
to the Bureau with respect to a determination made by the Bureau
relating to the meaning or interpretation of any provision of this
title, other than section 129E or 129H, shall be applied as if the
Bureau were the only agency authorized to apply, enforce, interpret,
or administer the provisions of this title.’’.
(d) CONFORMING AMENDMENTS IN TITLE X NOT APPLICABLE
TO SECTIONS 129E AND 129H.—Notwithstanding section 1099A,
the term ‘‘Board’’ in sections 129E and 129H, as added by this
subtitle, shall not be substituted by the term ‘‘Bureau’’.

SEC. 1473. AMENDMENTS RELATING TO APPRAISAL SUBCOMMITTEE
OF FFIEC, APPRAISER INDEPENDENCE MONITORING,
APPROVED APPRAISER EDUCATION, APPRAISAL MANAGE-
MENT COMPANIES, APPRAISER COMPLAINT HOTLINE,
AUTOMATED VALUATION MODELS, AND BROKER PRICE
OPINIONS.
(a) THRESHOLD LEVELS.—Section 1112(b) of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (12
U.S.C. 3341(b)) is amended by inserting before the period the fol-
lowing: ‘‘, and receives concurrence from the Bureau of Consumer
Financial Protection that such threshold level provides reasonable
protection for consumers who purchase 1–4 unit single-family resi-
dences’’.
(b) ANNUAL REPORT OF APPRAISAL SUBCOMMITTEE.—Section
1103(a) of the Financial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 (12 U.S.C. 3332(a)) is amended at the end by
inserting the following new paragraph:
‘‘(5) transmit an annual report to the Congress not later
than June 15 of each year that describes the manner in which
each function assigned to the Appraisal Subcommittee has been
carried out during the preceding year. The report shall also
detail the activities of the Appraisal Subcommittee, including
the results of all audits of State appraiser regulatory agencies,
and provide an accounting of disapproved actions and warnings

LAWS taken in the previous year, including a description of the condi- tions causing the disapproval and actions taken to achieve compliance.’’.PUBLIC with on anorris VerDate Nov 24 2008 04:10 Sep 04, 2010 Jkt 089139 PO 00203 Frm 00816 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203