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of property for the purpose of a loan origination of a residential mortgage loan secured by such piece of property. ‘‘(b) BROKER PRICE OPINION DEFINED.—For purposes of this section, the term ‘broker price opinion’ means an estimate prepared by a real estate broker, agent, or sales person that details the probable selling price of a particular piece of real estate property and provides a varying level of detail about the property’s condition, market, and neighborhood, and information on comparable sales, but does not include an automated valuation model, as defined in section 1125(c).’’. (s) AMENDMENTS TO APPRAISAL SUBCOMMITTEE.—Section 1011 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3310) is amended— (1) in the first sentence, by adding before the period the following: ‘‘, the Bureau of Consumer Financial Protection, and the Federal Housing Finance Agency’’; and (2) by inserting at the end the following: ‘‘At all times at least one member of the Appraisal Subcommittee shall have demonstrated knowledge and competence through licensure, certification, or professional designation within the appraisal profession.’’. (t) TECHNICAL CORRECTIONS.— (1) Section 1119(a)(2) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3348(a)(2)) is amended by striking ‘‘council,’’ and inserting ‘‘Council,’’. (2) Section 1121(6) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350(6)) is amended by striking ‘‘Corporations,’’ and inserting ‘‘Corpora- tion,’’. (3) Section 1121(8) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350(8)) is amended by striking ‘‘council’’ and inserting ‘‘Council’’. (4) Section 1122 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351) is amended— (A) in subsection (a)(1) by moving the left margin of subparagraphs (A), (B), and (C) 2 ems to the right; and (B) in subsection (c)— (i) by striking ‘‘Federal Financial Institutions Examination Council’’ and inserting ‘‘Financial Institu- tions Examination Council’’; and (ii) by striking ‘‘the council’s functions’’ and inserting ‘‘the Council’s functions’’.

SEC. 1474. EQUAL CREDIT OPPORTUNITY ACT AMENDMENT.
Subsection (e) of section 701 of the Equal Credit Opportunity
Act (15 U.S.C. 1691) is amended to read as follows:
‘‘(e) COPIES FURNISHED TO APPLICANTS.—
‘‘(1) IN GENERAL.—Each creditor shall furnish to an Deadline.
applicant a copy of any and all written appraisals and valu-
ations developed in connection with the applicant’s application
for a loan that is secured or would have been secured by
a first lien on a dwelling promptly upon completion, but in

LAWS no case later than 3 days prior to the closing of the loan, whether the creditor grants or denies the applicant’s request for credit or the application is incomplete or withdrawn.PUBLIC with on anorris VerDate Nov 24 2008 04:10 Sep 04, 2010 Jkt 089139 PO 00203 Frm 00825 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203