,,ii #aahth ,,congress #b;d ,session ,s4 #cijb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #aa1 #bjbd,mr4 ,tester 7for himself and ,mr4 ,cramer7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,national ,housing ,act to authorize ,state-licensed appraisers to conduct appraisals in connection with mortgages insured by the ,,fha and to ensure compliance with the existing appraiser education and competency requirements1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,appraisal ,industry ,improvement ,act4 #b4 ,appraiser standards 7a7 ,certification or licensing 7#a7 ,in general ,section #bjb7;g77#e7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjh7;g77#e77 is amended by striking subparagraphs 7,a7 and 7,b7 and inserting the following3 7,a7 be certified or licensed by the ,state in which the property to be appraised is located1 except that a ,federal employee who chooses to become ,state-licensed or certified real estate appraisers need to only be licensed or certified in #a ,state or territory to perform real estate appraisal duties as a ,federal employee in all ,states and territories2 7,b7 meet the competency requirements described in the ,uniform ,standards of ,professional ,appraisal ,practice before accepting an assignment2 and 7,c7 have demonstrated verifiable education in the appraisal requirements established by the ,federal ,housing ,administration under this subsection1 which shall include the completion of a course or seminar that educates appraisers on those appraisal requirements1 which shall be-- 7i7 provided by the ,federal ,housing ,administration or a private or public organization with special competence in and knowledge of appraisal education through contracts1 grants1 or other assistance provided by the ,secretary2 or 7ii7 approved by the ,course ,approval ,program of the ,appraiser ,qualification ,board of the ,appraisal ,foundation or a ,state appraiser certifying and licensing agency4 4 7#b7 ,application ,subparagraph 7,c7 of section #bjb7;g77#e7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 as added by paragraph 7#a71 shall not apply with respect to any appraiser approved by the ,federal ,housing ,administration to conduct appraisals on mortgages insured under title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq47 on or before the date on which the mortgagee letter or other guidance or regulations take effect under subsection 7c77#c74 7b7 ,compliance with verifiable education and competency requirements ,effective beginning on the date on which the mortgagee letter or other notice or regulations take effect under subsection 7c77#c71 no appraiser may conduct an appraisal for any mortgage insured under title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq47 unless-- 7#a7 the appraiser is in compliance with the requirements under subparagraphs 7,a7 and 7,b7 of section #bjb7;g77#e7 of such ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 as amended by subsection 7a72 and 7#b7 if the appraiser was not approved by the ,federal ,housing ,administration to conduct appraisals on mortgages insured under title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq47 before the date on which the mortgagee letter or other notices or regulations take effect under subsection 7c77#c71 the appraiser is in compliance with subparagraph 7,c7 of such section #bjb7;g77#e74 7c7 ,implementation ,not later than the #bdj days after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development shall issue a mortgagee letter or other notice or regulations that shall-- 7#a7 implement the amendments made by subsection 7a72 7#b7 clearly set forth all of the specific requirements under section #bjb7;g77#e7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 as amended by subsection 7a71 for approval to conduct appraisals under title ,,ii of such ,act 7#ab ,u4,s4,c4 #agjg et seq471 which shall include-- 7,a7 providing that1 before the effective date of the mortgagee letter or other guidance or regulations1 a demonstration of competency and completion of training that meet the requirements under subparagraphs 7,a71 7,b71 and 7,c7 of such section #bjb7;g77#e71 as amended by subsection 7a71 shall be considered to fulfill the requirements under such subparagraphs2 and 7,b7 providing a method for appraisers to demonstrate such prior competency and completion2 and 7#c7 take effect not later than the date that is #ahj days after the date on which the ,secretary issues the mortgagee letter or other notice or regulations4 #c4 ,annual registry fees for appraisal management companies ,section #aaji7;a7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccch7;a77 is amended1 in the matter following clause 7ii7 of paragraph 7#d77;,b71 by adding at the end the following3 ,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 functions of the ,appraisal ,subcommittee under this ,act1 the ,appraisal ,subcommittee may establish a new formula to decrease the amount of the fees44 #d4 ,state credentialed trainee appraisers 7a7 ,maintenance on national registry ,section #aajc7;a7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #cccb7;a77 is amended-- 7#a7 in paragraph 7#c7-- 7,a7 by inserting and ,state credentialed trainee appraisers after licensed appraisers2 and 7,b7 by striking and at the end2 7#b7 by striking paragraph 7#d72 7#c7 by redesignating paragraphs 7#e7 and 7#f7 as paragraphs 7#d7 and 7#e71 respectively2 and 7#d7 in paragraph 7#d71 as so redesignated-- 7,a7 by striking year4 ,the report shall also detail and inserting year1 details2 7,b7 by striking provide and inserting provides2 and 7,c7 by striking the period at the end and inserting 2 and4 7b7 ,annual registry fees 7#a7 ,in general ,section #aaji of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccch7 is amended-- 7,a7 in the section heading1 by striking or licensed and inserting 1 licensed1 and credentialed trainee2 and 7,b7 in subsection 7a7-- 7i7 in paragraph 7#a71 by inserting 1 and in the case of a ,state with a supervisory or trainee program1 a roster listing individuals who have received a ,state trainee credential after this title2 7ii7 by striking paragraph 7#b7 and inserting the following3 7#b7 transmit reports on the issuance and renewal of licenses1 certifications1 credentials1 sanctions1 and disciplinary actions on a timely basis to the national registry of the ,appraisal ,subcommittee2 2 and 7iii7 in paragraph 7#d77;,a7-- 7,i7 by inserting including ,state credentialed trainee appraisers1 after transactions12 and 7,,ii7 by inserting and from ,state credentialed trainee appraisers1 an annual registry fee of not more than #bj1 after #dj14 7#b7 ,rule of construction ,nothing in the amendments made by paragraph 7#a7 shall require a ,state to establish or operate a program for ,state credentialed trainee appraisers1 as defined in paragraph 7#ab7 of section #aaba of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi1 as added by subsection 7d7 of this section4 7c7 ,transactions requiring the services of a ,state certified appraiser ,section #aaac of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccdb7 is amended-- 7#a7 by striking ,in determining and inserting 7a7 ,in general4--,in determining2 and 7#b7 by adding at the end the following3 7b7 ,use of ,state credentialed trainee appraisers ,in performing an appraisal under this section1 a ,state certified appraiser may use the assistance of a ,state credentialed trainee appraiser or an unlicensed trainee appraiser4 4 7d7 ,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 following3 7#ab7 ,state credentialed trainee appraiser ,the term ,state credentialed trainee appraiser means an individual who-- 7,a7 meets the minimum criteria established by the ,appraiser ,qualification ,board for a trainee appraiser credential2 and 7,b7 is credentialed by a ,state appraiser certifying and licensing agency4 4 #e4 ,grants for workforce and training ,section #aaji7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccch7;b77 is amended-- 7#a7 in paragraph 7#e71 by striking and at the end2 7#b7 in paragraph 7#f71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#g7 to make grants to ,state appraiser certifying and licensing agencies to support the carrying out of education and training activities or other activities deemed appropriate by the ,appraisal ,subcommittee for purposes of addressing appraiser industry workforce needs4 4 #f4 ,appraisal ,subcommittee ,section #ajaa of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccaj7 is amended1 in the first sentence1 by inserting the ,department of ,veterans ,affairs1 the ,rural ,housing ,service of the ,department of ,agriculture1 the ,department of ,housing and ,urban ,development1 after ,financial ,protection14