#aafth ,,congress  #ast ,session  ,h4   
,r4 #cfai  ,,an ,,act  ,to amend the    
,financial ,institutions ,reform1       
,recovery1 and ,enforcement ,act of     
#aihi to provide the ,appraisal         
,subcommittee with the authority to     
modify annual registry fees for         
appraisal management companies1 to      
maintain a registry of trainees and     
charge a lower trainee registry fee1 and
 to allow grants to ,states to assist   
appraiser and potential appraiser       
compliance with the ,real ,property     
,appraiser ,qualification ,criteria1 and
 for other purposes4  #a4 ,short title  
,this ,act may be cited as the          
,appraisal ,fee ,transparency ,act of   
#bjai4  #b4 ,annual registry fees for   
appraisal management companies          
,subparagraph 7,b7 of section           
#aaji7;a77#d7 of the ,financial         
,institutions ,reform1 ,recovery1 and   
,enforcement ,act of #aihi 7#ab         
,u4,s4,c4 #ccch7;a77#d77;,b77 is        
amended--  7#a7 in clause 7ii71 by      

striking the period at the end and      
inserting a semicolon2 and  7#b7 by     
inserting after and below clause 7ii7   
the following3  except that if the      
,appraisal ,subcommittee determines that
 the fees established under clause 7i7  
or 7ii7 result in adverse consequences  
or are otherwise not appropriately      
tailored to meet the goals of this      
paragraph1 the ,appraisal ,subcommittee 
may establish a new formula for fees1   
which new formula may not take effect   
until the ,appraisal ,subcommittee      
submits a report to the ,congress       
justifying its decision to establish    
such a new formula1 setting forth the   
new formula1 and explaining how the new 
formula will affect such fees4 4  #c4   
,trainee appraisers  7a7 ,maintenance on
 national registry ,paragraph 7#c7 of   
section #aajc7;a7 of the ,financial     
,institutions ,reform1 ,recovery1 and   
,enforcement ,act of #aihi 7#ab         
,u4,s4,c4 #cccb7;a77#c77 is amended by  
striking and licensed and inserting 1   

licensed1 and trainee4  7b7 ,annual     
registry fees ,subparagraph 7,a7 of     
section #aaji7;a77#d7 of the ,financial 
,institutions ,reform1 ,recovery1 and   
,enforcement ,act of #aihi 7#ab         
,u4,s4,c4 #ccch7;a77#d77;,a77 is        
amended--  7#a7 by inserting including  
trainee appraisers1 after transactions12
  7#b7 by inserting except that the     
,appraisal ,subcommittee may1 in its    
discretion1 charge a fee for trainee    
appraisers not exceeding #bj after #dj12
 and  7#c7 by inserting before the      
semicolon the following3 2 except that  
nothing in this subparagraph may be     
construed to require a ,state to        
establish or operate an program for     
trainee appraisers4  7c7 ,definition    
,section #aaba of the ,financial        
,institutions ,reform1 ,recovery1 and   
,enforcement ,act of #aihi 7#ab         
,u4,s4,c4 #ccej7 is amended by adding at
 the end the following new paragraph3   
7#ab7 ,trainee appraiser ,the term      
trainee appraiser means an individual   

who meets the minimum criteria          
established by the ,appraiser           
,qualification ,board for a trainee     
appraiser license and is credentialed by
 a ,state appraiser certifying and      
licensing agency4  4  #d4 ,grants to    
nonprofits and institutions of higher   
education for compliance efforts        
,paragraph 7#e7 of section #aaji7;b7 of 
the ,financial ,institutions ,reform1   
,recovery1 and ,enforcement ,act of     
#aihi 7#ab ,u4,s4,c4 #ccch7;b77#e77 is  
amended by inserting nonprofit          
organizations1 and institutions of      
higher education after licensing        
agencies14  #e4 ,requirement to disclose
 appraisal fees ,section #d7;c7 of the  
,real ,estate ,settlement ,procedures   
,act of #aigd 7#ab ,u4,s4,c4 #bfjc7;c77 
is amended by striking may and inserting
 shall4  #f4 ,inclusion of designee of  
,secretary of ,veterans ,affairs on     
,appraisal ,subcommittee ,the first     
sentence of section #ajaa of the        
,federal ,financial ,institutions       

,examination ,council ,act of #aigh 7#ab
 ,u4,s4,c4 #ccaj7 is amended by         
inserting the ,department of ,veterans  
,affairs1 after ,protection14  #g4      
,determination of budgetary effects ,the
 budgetary effects of this ,act1 for the
 purpose of complying with the          
,statutory ,pay-,as-,you-,go ,act of    
#bjaj1 shall be determined by reference 
to the latest statement titled          
,budgetary ,effects of ,,paygo          
,legislation for this ,act1 submitted   
for printing in the ,congressional      
,record by the ,chairman of the ,house  
,budget ,committee1 provided that such  
statement has been submitted prior to   
the vote on passage4  ,passed the ,house
 of ,representatives ,september #ai1    
#bjai4;,clerk4