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124 STAT. 2192 PUBLIC LAW 111–203—JULY 21, 2010

‘‘(B) for the registration and supervision of the oper-
ations and activities of an appraisal management com-
pany;’’; and
(B) by adding at the end the following new paragraph:
‘‘(6) maintain a national registry of appraisal management
companies that either are registered with and subject to super-
vision of a State appraiser certifying and licensing agency or
are operating subsidiaries of a Federally regulated financial
institution.’’.
(2) APPRAISAL MANAGEMENT COMPANY MINIMUM REQUIRE-
MENTS.—Title XI of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et
seq.) is amended by adding at the end the following new section
(and amending the table of contents accordingly):

12 USC 3353. ‘‘SEC. 1124. APPRAISAL MANAGEMENT COMPANY MINIMUM REQUIRE-
MENTS.
Regulations. ‘‘(a) IN GENERAL.—The Board of Governors of the Federal
Applicability. Reserve System, the Comptroller of the Currency, the Federal
States. Deposit Insurance Corporation, the National Credit Union Adminis-
tration Board, the Federal Housing Finance Agency, and the Bureau
of Consumer Financial Protection shall jointly, by rule, establish
minimum requirements to be applied by a State in the registration
of appraisal management companies. Such requirements shall
include a requirement that such companies—
‘‘(1) register with and be subject to supervision by a State
appraiser certifying and licensing agency in each State in which
such company operates;
‘‘(2) verify that only licensed or certified appraisers are
used for federally related transactions;
‘‘(3) require that appraisals coordinated by an appraisal
management company comply with the Uniform Standards of
Professional Appraisal Practice; and
‘‘(4) require that appraisals are conducted independently
and free from inappropriate influence and coercion pursuant
to the appraisal independence standards established under sec-
tion 129E of the Truth in Lending Act.
‘‘(b) RELATION TO STATE LAW.—Nothing in this section shall
be construed to prevent States from establishing requirements in
addition to any rules promulgated under subsection (a).
Applicability. ‘‘(c) FEDERALLY REGULATED FINANCIAL INSTITUTIONS.—The
requirements of subsection (a) shall apply to an appraisal manage-
ment company that is a subsidiary owned and controlled by a
financial institution and regulated by a Federal financial institution
regulatory agency. An appraisal management company that is a
subsidiary owned and controlled by a financial institution regulated
by a Federal financial institution regulatory agency shall not be
required to register with a State.
‘‘(d) REGISTRATION LIMITATIONS.—An appraisal management
company shall not be registered by a State or included on the
national registry if such company, in whole or in part, directly
or indirectly, is owned by any person who has had an appraiser
license or certificate refused, denied, cancelled, surrendered in lieu
Investigation. of revocation, or revoked in any State. Additionally, each person

LAWS that owns more than 10 percent of an appraisal management com- pany shall be of good moral character, as determined by the State appraiser certifying and licensing agency, and shall submit to aPUBLIC with on anorris VerDate Nov 24 2008 04:10 Sep 04, 2010 Jkt 089139 PO 00203 Frm 00818 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203