,i #aai? ,,congress #a/ ,session ,h4 ,r4 #fjbe ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,novemb] #ab1 #bjbe,mr4 ,donalds 7= himself1 ,mr4 ,%]man1 & ,ms4 ,bynum7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,national ,h\s+ ,act to au?orize ,/ate-lic5s$ apprais]s to conduct appraisals 9 connection ) mortgages insur$ by ! ,,fha & to ensure compliance ) ! exi/+ apprais] education & compet5cy requirem5ts1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,appraisal ,indu/ry ,improvem5t ,act4 #b4 ,appraisal /&>ds 7a7 ,c]tification or lic5s+ 7#a7 ,9 g5]al ,section #bjb7;g77#e7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;g77#e77 is am5d$-- 7,a7 by mov+ ! p>agraph two ems to ! left2 & 7,b7 by /rik+ subp>agraphs 7,a7 & 7,b7 & ins]t+ ! foll[+3 7,a7 be c]tifi$ or lic5s$ by ! ,/ate 9 :i* ! prop]ty to be apprais$ is locat$1 except t a ,f$]al employee :o has z _! prim>y duty conduct+ appraisal-relat$ activities & :o *ooses to become a ,/ate-lic5s$ or c]tifi$ real e/ate apprais] ne$ only to be lic5s$ or c]tifi$ 9 #a ,/ate or t]ritory to p]=m appraisals on mortgages insur$ by ! ,f$]al ,h\s+ ,adm9i/ration 9 all ,/ates & t]ritories2 7,b7 meet ! requirem5ts "u ! compet5cy rule set =? 9 ! ,uni=m ,/&>ds ( ,pr(essional ,appraisal ,practice be=e accept+ an assignm5t2 & 7,c7 h demon/rat$ v]ifiable education 9 ! appraisal requirem5ts e/abli%$ by ! ,f$]al ,h\s+ ,adm9i/ration "u ?is subsection1 :i* %all include ! completion ( a c\rse or sem9> t educates apprais]s on ^? appraisal requirem5ts1 :i* %all be provid$ by-- 7i7 ! ,f$]al ,h\s+ ,adm9i/ration2 or 7ii7 a ?ird p>ty1 s long z ! c\rse is approv$ by ! ,secret>y or a ,/ate apprais] c]tify+ or lic5s+ ag5cy4 4 7#b7 ,application ,subp>agraph 7,c7 ( section #bjb7;g77#e7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 z add$ by subp>agraph 7,a71 %all n apply ) respect to any c]tifi$ apprais] approv$ by ! ,f$]al ,h\s+ ,adm9i/ration to conduct appraisals on prop]ty secur+ a mortgage to be insur$ by ! ,f$]al ,h\s+ ,adm9i/ration on or be=e ! effective date "u p>agraph 7#c77;,c74 7b7 ,compliance ) v]ifiable education & compet5cy requirem5ts ,on & aft] ! effective date "u p>agraph 7#c77;,c71 no apprais] may conduct an appraisal on a prop]ty secur+ a mortgage to be insur$ by ! ,f$]al ,h\s+ ,adm9i/ration unless-- 7#a7 ! apprais] is 9 compliance ) ! requirem5ts "u subp>agraphs 7,a7 & 7,b7 ( section #bjb7;g77#e7 ( su* ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 z am5d$ by p>agraph 7#a72 & 7#b7 if ! apprais] 0 n approv$ by ! ,f$]al ,h\s+ ,adm9i/ration to conduct appraisals on mortgages insur$ by ! ,f$]al ,h\s+ ,adm9i/ration be=e ! date on :i* ! mortgagee lett] or guidance take effect "u p>agraph 7#c77;,c71 ! apprais] is 9 compliance ) subp>agraph 7,c7 ( su* section #bjb7;g77#e74 7c7 ,implem5tation ,n lat] ?an ! #bdj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all issue a mortgagee lett] or guidance t %all-- 7#a7 implem5t ! am5dm5ts made by p>agraph 7#a72 7#b7 cle>ly set =? all ( ! specific requirem5ts "u section #bjb7;g77#e7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 z am5d$ by p>agraph 7#a71 = approval to conduct appraisals on prop]ty secur$ by a mortgage to be insur$ by ! ,f$]al ,h\s+ ,adm9i/ration1 :i* %all include-- 7,a7 provid+ t1 be=e ! effective date ( ! mortgagee lett] or guidance1 compliance ) ! requirem5ts "u subp>agraphs 7,a71 7,b71 & 7,c7 ( su* section #bjb7;g77#e71 z am5d$ by p>agraph 7#a71 %all be consid]$ to fulfill ! requirem5ts "u su* subp>agraphs2 & 7,b7 provid+ a me?od = apprais]s to demon/rate su* prior compliance2 & 7#c7 take effect n lat] ?an ! date t is #ahj days aft] ! date on :i* ! ,secret>y issues ! mortgagee lett] or guidance4 #c4 ,annual regi/ry fees = appraisal managem5t companies ,section #aaji7;a7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccch7;a77 is am5d$1 9 ! matt] foll[+ clause 7ii7 ( p>agraph 7#d77;,b71 by add+ at ! end ! foll[+3 ,subject to ! approval ( ! ,c\ncil1 ! ,appraisal ,subcommittee may adju/ fees e/abli%$ "u clause 7i7 or 7ii7 to c>ry out its functions "u ?is ,act44 #d4 ,/ate cr$5tial$ tra9ees 7a7 ,ma9t5ance on national regi/ry ,section #aajc7;a7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #cccb7;a77 is am5d$-- 7#a7 9 p>agraph 7#c7-- 7,a7 by ins]t+ & ,/ate cr$5tial$ tra9ee apprais]s aft] lic5s$ apprais]s2 & 7,b7 by /rik+ & at ! end2 7#b7 by /rik+ p>agraph 7#d72 7#c7 by r$esignat+ p>agraphs 7#e7 & 7#f7 z p>agraphs 7#d7 & 7#e71 respectively2 & 7#d7 9 p>agraph 7#d71 z s r$esignat$-- 7,a7 by /rik+ ye>4 ,! report %all also detail & ins]t+ ye>1 details2 7,b7 by /rik+ provide & ins]t+ provides2 & 7,c7 by /rik+ ! p]iod at ! end & ins]t+ 2 &4 7b7 ,annual regi/ry fees 7#a7 ,9 g5]al ,section #aaji ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccch7 is am5d$-- 7,a7 9 ! section head+1 by /rik+ or lic5s$ & ins]t+ 1 lic5s$1 & cr$5tial$ tra9ee2 & 7,b7 9 subsection 7a7-- 7i7 9 p>agraph 7#a71 by ins]t+ 1 & 9 ! case ( a ,/ate ) a sup]visory or tra9ee program1 a ro/] li/+ individuals :o h receiv$ a ,/ate tra9ee cr$5tial aft] ?is title2 & 7ii7 by /rik+ p>agraph 7#b7 & ins]t+ ! foll[+3 7#b7 transmit reports on ! issuance & r5ewal ( lic5ses1 c]tifications1 cr$5tials1 sanctions1 & discipl9>y actions1 includ+ lic5se1 cr$5tial1 & c]tification revocations1 on a timely basis to ! national regi/ry ( ! ,appraisal ,subcommittee2 4 7#b7 ,rule ( con/ruction ,no?+ 9 ! am5dm5ts made by subp>agraph 7,a7 %all require a ,/ate to e/abli% or op]ate a program = ,/ate cr$5tial$ tra9ee apprais]s1 z def9$ 9 p>agraph 7#ab7 ( section #aaba ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi1 z add$ by subsection 7d7 ( ?is section4 7c7 ,transactions requir+ ! s]vices ( a ,/ate c]tifi$ apprais] ,section #aaac ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccdb7 is am5d$-- 7#a7 by /rik+ ,9 det]m9+ & ins]t+ 7a7 ,9 g5]al4--,9 det]m9+2 & 7#b7 by add+ at ! end ! foll[+3 7b7 ,use ( ,/ate cr$5tial$ tra9ee apprais]s ,9 p]=m+ an appraisal "u ?is section1 a ,/ate c]tifi$ apprais] may use ! assi/ance ( a ,/ate cr$5tial$ tra9ee apprais] or an unlic5s$ tra9ee apprais]1 except t a ,/ate c]tifi$ apprais] assi/$ by a tra9ee %all be liable = f9al "w4 4 7d7 ,def9ition ,section #aaba ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccej7 is am5d$ by add+ at ! end ! foll[+3 7#ab7 ,/ate cr$5tial$ tra9ee apprais] ,! t]m ,/ate cr$5tial$ tra9ee apprais] means an individual :o-- 7,a7 meets ! m9imum crit]ia e/abli%$ by ! ,apprais] ,qualification ,bo>d = a tra9ee apprais] cr$5tial2 & 7,b7 is cr$5tial$ by a ,/ate apprais] c]tify+ & lic5s+ ag5cy4 4 #e4 ,grants = work=ce & tra9+ ,section #aaji7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccch7;b77 is am5d$-- 7#a7 9 p>agraph 7#e77;,b71 by /rik+ & at ! end2 7#b7 9 p>agraph 7#f71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7#g7 to make grants to ,/ate apprais] c]tify+ & lic5s+ ag5cies1 nonpr(it organizations1 & in/itutions ( high] education to support ! c>ry+ out ( education & tra9+ activities or o!r activities relat$ to address+ apprais] indu/ry work=ce ne$s1 includ+ recruit+ & reta9+ work=ce tal5t1 su* z ?r\gh s*ol>%ip assi/ance & c>e] pipel9e developm5t4 4 #f4 ,appraisal ,subcommittee ,section #ajaa ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccaj7 is am5d$1 9 ! fir/ s5t5ce1 by ins]t+ ! ,dep>tm5t ( ,vet]ans ,affairs1 ! ,rural ,h\s+ ,s]vice ( ! ,dep>tm5t ( ,agriculture1 ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 aft] ,f9ancial ,protection14