,,ii  #aai? ,,congress  #a/ ,session    
,s4 #afce  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #g1 #bjbe ,mr4    
,cram] 7= himself & ,mr4 ,gallego7      
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,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  ,apprais] /&>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

 *ooses to become ,/ate-lic5s$ or       
c]tifi$ real e/ate apprais]s ne$ to only
 be lic5s$ or c]tifi$ 9 #a ,/ate or     
t]ritory to p]=m real e/ate appraisal   
duties z a ,f$]al employee 9 all ,/ates 
& t]ritories2  7,b7 meet ! compet5cy    
requirem5ts describ$ 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$]al ,h\s+ ,adm9i/ration "u ?is       
subsection1 :i* %all include !          
completion ( a c\rse or sem9> t educates
 apprais]s on ^? appraisal requirem5ts1 
:i* %all be--  7i7 provid$ by ! ,f$]al  
,h\s+ ,adm9i/ration or a private or     
public organization ) special compet5ce 
9 & k ( appraisal education ?r\gh       
contracts1 grants1 or o!r assi/ance     
provid$ by ! ,secret>y2 or  7ii7 approv$
 by ! ,c\rse ,approval ,program ( !     
,apprais] ,qualification ,bo>d ( !      
,appraisal ,f\ndation or a ,/ate        
apprais] c]tify+ & 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 p>agraph 7#a71 %all n apply )   
respect to any apprais] approv$ by !    
,f$]al ,h\s+ ,adm9i/ration to conduct   
appraisals on mortgages insur$ "u title 
,,ii ( ! ,national ,h\s+ ,act 7#ab      
,u4,s4,c4 #agjg et seq47 on or be=e !   
date on :i* ! mortgagee lett] or o!r    
guidance or regulations take effect "u  
subsection 7c77#c74  7b7  ,compliance ) 
v]ifiable education & compet5cy         
requirem5ts  ,effective beg9n+ on ! date
 on :i* ! mortgagee lett] or o!r notice 
or regulations take effect "u subsection
 7c77#c71 no apprais] may conduct an    
appraisal = any mortgage insur$ "u title
 ,,ii ( ! ,national ,h\s+ ,act 7#ab     
,u4,s4,c4 #agjg et seq47 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    
subsection 7a72 &  7#b7 if ! apprais] 0 

n approv$ by ! ,f$]al ,h\s+             
,adm9i/ration to conduct appraisals on  
mortgages insur$ "u title ,,ii ( !      
,national ,h\s+ ,act 7#ab ,u4,s4,c4     
#agjg et seq47 be=e ! date on :i* !     
mortgagee lett] or o!r notices or       
regulations take effect "u subsection   
7c77#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 o!r notice or        
regulations t %all--  7#a7 implem5t !   
am5dm5ts made by subsection 7a72  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 subsection   
7a71 = approval to conduct appraisals "u
 title ,,ii ( su* ,act 7#ab ,u4,s4,c4   
#agjg et seq471 :i* %all include--  7,a7
 provid+ t1 be=e ! effective date ( !   
mortgagee lett] or o!r guidance or      

regulations1 a demon/ration ( compet5cy 
& completion ( tra9+ t meet !           
requirem5ts "u subp>agraphs 7,a71 7,b71 
& 7,c7 ( su* section #bjb7;g77#e71 z    
am5d$ by subsection 7a71 %all be        
consid]$ to fulfill ! requirem5ts "u su*
 subp>agraphs2 &  7,b7 provid+ a me?od =
 apprais]s to demon/rate su* prior      
compet5cy & completion2 &  7#c7 take    
effect n lat] ?an ! date t is #ahj days 
aft] ! date on :i* ! ,secret>y issues ! 
mortgagee lett] or o!r notice or        
regulations4  #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$1 9 ! matt] foll[+   
clause 7ii7 ( p>agraph 7#d77;,b71 by    
add+ at ! end ! foll[+3 ,if ! ,appraisal
 ,subcommittee det]m9es t ! fees        
e/abli%$ "u clause 7i7 or 7ii7 result 9 
adv]se consequ5ces or are o!rwise n     
appropriately tailor$ to meet !         
functions ( ! ,appraisal ,subcommittee  

"u ?is ,act1 ! ,appraisal ,subcommittee 
may e/abli% a new =mula to decrease !   
am\nt ( ! fees44  #d4  ,/ate cr$5tial$  
tra9ee apprais]s  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      
actions on a timely basis to ! national 
regi/ry ( ! ,appraisal ,subcommittee2  2
 &  7iii7 9 p>agraph 7#d77;,a7-- 7,i7 by
 ins]t+ includ+ ,/ate cr$5tial$ tra9ee  
apprais]s1 aft] transactions12 &  7,,ii7
 by ins]t+ & f ,/ate cr$5tial$ tra9ee   
apprais]s1 an annual regi/ry fee ( n m  
?an #bj1 aft] #dj14  7#b7  ,rule (      
con/ruction  ,no?+ 9 ! am5dm5ts made by 
p>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]4  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$--  7#a7 9 p>agraph  
7#e71 by /rik+ & at ! end2  7#b7 9      
p>agraph 7#f71 by /rik+ ! p]iod at ! end
 & ins]t+ 2 &2 &  7#c7 by add+ at ! end 
! foll[+3  7#g7 to make grants to ,/ate 
apprais] c]tify+ & lic5s+ ag5cies to    
support ! c>ry+ out ( education & tra9+ 
activities or o!r activities deem$      
appropriate by ! ,appraisal             
,subcommittee = purposes ( address+     
apprais] indu/ry work=ce ne$s4  4  #f4  
,appraisal ,subcommittee  ,section #ajaa
 ( ! ,f$]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