1. Short title
This Act may be cited as the “Appraisal Fee Transparency Act of 2019”.
Appraisal Fee Transparency Act of 2019
AN ACT
To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry fees for appraisal management companies, to maintain a registry of trainees and charge a lower trainee registry fee, and to allow grants to States to assist appraiser and potential appraiser compliance with the Real Property Appraiser Qualification Criteria, and for other purposes.
2. Annual registry fees for appraisal management companies
3. Trainee appraisers
Maintenance on national registry— Paragraph (3) of section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3332(a)(3)) is amended by striking “and licensed” and inserting “, licensed, and trainee”.
Annual registry fees— Subparagraph (A) of section 1109(a)(4) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3338(a)(4)(A)) is amended—
by inserting “including trainee appraisers,” after “transactions,”;
by inserting “except that the Appraisal Subcommittee may, in its discretion, charge a fee for trainee appraisers not exceeding $20” after “$40,”; and
by inserting before the semicolon the following: “; except that nothing in this subparagraph may be construed to require a State to establish or operate an program for trainee appraisers”.
Definition— Section 1121 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350) is amended by adding at the end the following new paragraph:
“(12) 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 agency.”
4. Grants to nonprofits and institutions of higher education for compliance efforts
Paragraph (5) of section 1109(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3338(b)(5)) is amended by inserting “nonprofit organizations, and institutions of higher education” after “licensing agencies,”.
5. Requirement to disclose appraisal fees
Section 4(c) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603(c)) is amended by striking “may” and inserting “shall”.
6. Inclusion of designee of Secretary of Veterans Affairs on Appraisal Subcommittee
The first sentence of section 1011 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3310) is amended by inserting “the Department of Veterans Affairs,” after “Protection,”.
7. Determination of budgetary effects
The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled “Budgetary Effects of PAYGO Legislation” for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.