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8000 - Miscellaneous Statutes and Regulations


PART 1102—APPRAISER REGULATION

Subpart A—Temporary Waiver Requests

Sec.

1102.1 Authority, purpose, and scope.
1102.2 Requirements for requests.
1102.3 Other requests and information submissions.
1102.4 Notice and comment.
1102.5 Subcommittee determination.
1102.6 Waiver extension.
1102.7 Waiver termination.

Subpart B—Rules of Practice for Proceedings

Sec.

1102.20 Authority, purpose, and scope.
1102.21 Definitions.
1102.22 Appearance and practice before the Subcommittee.
1102.23 Formal requirements as to papers filed.
1102.24 Filing requirements.
1102.25 Service.
1102.26 When papers are deemed filed or served.
1102.27 Computing time.
1102.28 Documents and exhibits in proceedings public.
1102.29 Conduct of proceedings.
1102.30 Rules of evidence.
1102.31 Burden of proof.
1102.32 Notice of Intention to Commence A Proceeding.
1102.33 Rebuttal or Notice Not To Context.
1102.34 Briefs, memoranda and statements.
1102.35 Opportunity for informal settlement.
1102.36 Oral presentations.
1102.37 Decision of the Subcommittee and judicial review.
1102.38 Compliance activities.
1102.39 Duty to cooperate.

Subpart C—Rules Pertaining to the Privacy of Individuals and Systems of Records Maintained by the Appraisal Subcommittee

Sec.

1102.100 Authority, purpose, and scope.
1102.101 Definitions.
1102.102 Times, places and requirements for requests pertaining to individual records in a record system and for the identification of individuals making requests for access to records pertaining to them.
1102.103 Disclosure of requested records.
1102.104 Special procedure: Medical records.
1102.105 Requests for amendment of records.
1102.106 Review of requests for amendment.
1102.107 Appeal of initial adverse agency determination regarding access or amendment.
1102.108 General provisions.
1102.109 Fees.
1102.110 Penalties.

Subpart D—Description of Office, Procedures, Public Information

1102.300 Authority, scope and purpose.
1102.301 Definitions.
1102.302 ASC authority and functions.
1102.303 Organization and methods of operation.
1102.304 General requirements, exemptions, procedures and other matters.
1102.305 Publicly available records.
1102.306 Procedures for requesting records.
1102.307 Disclosure of exempt records.
1102.308 Right to petition for issuance, amendment and repeal of rules of general application.
1102.309 Confidential treatment procedures.
1102.310 Service of process.

AUTHORITY:  12 U.S.C. 3348(b).

SOURCE:  The provisions of this Part 1102 appear at 57 Fed. Reg. 10979, April 1, 1992, effective May 1, 1992, except as otherwise noted.

Subpart A—Temporary Waiver Requests

§ 1102.1  Authority, purpose and scope.

(a)  Authority.  This subpart is issued under section 1119(b) of title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA") (12 U.S.C. § 3348(b)).

(b)  Purpose and scope.  This subpart prescribes rules of practice and procedure governing temporary waiver proceedings under section 1119(b) of title XI of FIRREA (12 U.S.C. 3348(b)). These procedures apply whenever a state appraiser regulatory agency requests the Appraisal Subcommittee of the Federal Financial Institutions Examination Council ("ASC") for a waiver of any requirement relating to certification or licensing of a person to perform appraisals under title XI of FIRREA. They also apply whenever the ASC, based on sufficient, credible information or requests received from other persons or entities, initiates a temporary waiver proceeding.

[Codified to 12 C.F.R. § 1102.1]

§ 1102.2 Requirements for requests.

A request will not be deemed received by the ASC unless it fully and accurately sets out:

(a)  If the requester is a state appraiser regulatory agency, a written, duly authorized determination by the state appraiser regulatory agency that there is a scarcity of state licensed or state certified appraisers leading to significant delays in obtaining appraisals in federally related transactions. The scarcity can relate to the entire state or to particular geographical or political subdivisions. In the absence of such a written determination, a state appraiser regulatory agency must ask the ASC for such a determination;

(b)  The requirement or requirements of state law from which relief is being sought;

(c)  A description of all significant problems currently being encountered in efforts to comply with title XI;

(d)  The nature of the scarcity of certified or licensed appraisers (including supporting documentation);

(e)  The extent of the delays anticipated or experienced in obtaining the services of certified or licensed appraisers (including supporting documentation);

(f)  The reasons why the requester believes that the requirement or requirements are causing the scarcity of certified or licensed appraisers and the service delays; and

(g)  A specific plan for expeditiously alleviating the scarcity and the service delays.

[Codified to 12 C.F.R. § 1102.2]

§ 1102.3  Other requests and information submissions.

The federal financial institutions regulatory agencies and the Resolution Trust Corporation, their respective regulated financial institutions, and other persons or institutions with a demonstrable interest in appraiser regulation, may ask the ASC for a determination under § 1102.2(a) of this subpart, and may ask that the ASC exercise its discretionary authority to initiate a temporary waiver proceeding. Such regulated financial institutions and other persons or institutions do not need to comply with § 1102.2(g) of this subpart, but are strongly encouraged to include meaningful suggestions and recommendations for remedying the situation. A copy of the request or informational submission shall be forwarded promptly to the state appraiser regulatory agency. The ASC shall consider these submissions and requests in exercising its authority to initiate a temporary waiver procedure. When the ASC initiates a temporary waiver proceeding, these documents shall correspond to a received request under § 1102.4 of this subpart.

[Codified to 12 C.F.R. § 1102.3]

§ 1102.4  Notice and comment.

The ASC shall publish promptly in the Federal Register a notice respecting:

(a)  The received request; or

(b)  The ASC order initiating a temporary waiver proceeding. The notice or initiation order shall contain a concise general statement of the nature and basis for the action and shall give interested persons 30 calendar days from its publication in which to submit written data, views and arguments.

[Codified to 12 C.F.R. § 1102.4]

§ 1102.5  Subcommittee determination.

Within 45 calendar days of the date of the publication of the notice or initiation order in the Federal Register, the ASC, by order, shall either grant or deny a waiver in whole, in part, and upon specified terms and conditions, including provisions for waiver termination. Such order shall respond to comments received from interested members of the public and shall provide the reasons for the ASC's finding. The order shall be published promptly in the Federal Register, which, in the case of an approval order, shall be after Federal Financial Institutions Examination Council concurrence. Upon the ASC's determination that an emergency exists, the ASC may issue an interim approval order simultaneously with its action under § 1102.4 of this subpart. Any ASC approval order shall be effective only upon Federal Financial Institutions Examination Council concurrence.

[Codified to 12 C.F.R. § 1102.5]

§ 1102.6  Waiver extension.

The ASC may initiate an extension of temporary waiver relief and shall follow §§ 1102.4, 1102.5 and 1102.7 of this subpart. A state appraiser regulatory agency also may request an extension of temporary waiver relief by forwarding an additional written request to the ASC. A request for an extension from state appraiser regulatory agency shall be subject to all the requirements of this subpart.

[Codified to 12 C.F.R. § 1102.6]

§ 1102.7  Waiver termination.

The ASC at any time may terminate a waiver order on the finding that:

(a)  The significant delays in obtaining the services of certified or licensed appraisers no longer exist; or

(b)  The terms and conditions of the waiver order are not being satisfied. The ASC shall publish a finding of waiver termination promptly in the Federal Register, giving interested persons no less than 30 calendar days from publication in which to submit written data, views and arguments. In the absence of further ASC action to the contrary, the finding of waiver termination automatically shall become final 21 calendar days after the close of the comment period.

[Codified to 12 C.F.R. § 1102.7]


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