[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3619 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 3619

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 5, 2019

   Mr. Clay introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Appraisal Reform Act of 2019''.

SEC. 2. ANNUAL REGISTRY FEES FOR APPRAISAL MANAGEMENT COMPANIES.

    Subparagraph (B) of section 1109(a)(4) of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 
3338(a)(4)(B)) is amended--
            (1) in clause (ii), by striking the period at the end and 
        inserting a semicolon; and
            (2) by inserting after and below clause (ii) the following:
                ``except that if the Appraisal Subcommittee determines 
                that the fees established under clause (i) or (ii) 
                result in adverse consequences or are otherwise not 
                appropriately tailored to meet the goals of this 
                paragraph, the Appraisal Subcommittee may establish a 
                new formula for fees, which new formula may not take 
                effect until the Appraisal Subcommittee submits a 
                report to the Congress justifying its decision to 
                establish such a new formula, setting forth the new 
                formula, and explaining how the new formula will affect 
                such fees.''.

SEC. 3. TRAINEE APPRAISERS.

    (a) 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''.
    (b) 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--
            (1) by inserting ``including trainee appraisers,'' after 
        ``transactions,'';
            (2) by inserting ``except that the Appraisal Subcommittee 
        may, in its discretion, charge a fee for trainee appraisers not 
        exceeding $20'' after ``$40,''; and
            (3) 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''.
    (c) 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.''.

SEC. 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,''.

SEC. 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''.

SEC. 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,''.
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