The Appraisal Subcommittee of the Federal
Financial Institutions Examination Council ("ASC") is publishing a notice in the
Federal Register to solicit public comment on how the ASC should implement §315 of the
Riegle Community Development and Regulatory Improvement Act of 1994 ("CDRIA").
The amendment added the following subparagraph to §1122(a) of Title XI of the Financial
Institutions Reform, Recovery and Enforcement Act of 1989:
(2) Fees for temporary practice. A state appraiser certifying or
licensing agency shall not impose excessive fees or burdensome
requirements, as determined by the Appraisal Subcommittee, for
temporary practice under this subsection.
(b) Reciprocity. The Appraisal Subcommittee shall encourage the
States to develop reciprocity agreements that readily authorize
appraisers who are licensed or certified in one State (and who are
in good standing with their State appraiser certifying or licensing
agency) to perform appraisals in other States.
The ASC anticipates that the comments generated by the notice will facilitate the
establishment of a more efficient and uniform system for providing temporary practice and
reciprocity to State certified and licensed real estate appraisers. The notice is expected
to be published in the Federal Register on September 12, 1995.
For further information, please contact the ASC
at (202) 634-6520.