[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2692 Introduced in Senate (IS)]

<DOC>






118th CONGRESS
  1st Session
                                S. 2692

 To amend the Financial Institutions Reform, Recovery, and Enforcement 
 Act of 1989 to establish a Portal for Appraiser Credentialing and AMC 
           Registration Information, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 27, 2023

Mr. Tester (for himself and Mr. Rounds) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Financial Institutions Reform, Recovery, and Enforcement 
 Act of 1989 to establish a Portal for Appraiser Credentialing and AMC 
           Registration Information, 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 ``Portal for Appraisal Licensing Act 
of 2023''.

SEC. 2. PORTAL FOR APPRAISER CREDENTIALING AND AMC REGISTRATION 
              INFORMATION.

    Section 1103 of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 3332) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (3), by striking ``and'' at the 
                end;
                    (B) in paragraph (4), by striking the period on the 
                end and inserting a semicolon;
                    (C) in paragraph (5)--
                            (i) by striking ``. The report'' and 
                        inserting ``, and which''; and
                            (ii) by striking the period on the end and 
                        inserting a semicolon;
                    (D) in paragraph (6), by striking the period on the 
                end and inserting ``; and''; and
                    (E) by adding at the end the following:
            ``(7) establish and maintain the Portal for Appraiser 
        Credentialing and AMC Registration Information described in 
        subsection (c).''; and
            (2) by adding at the end the following:
    ``(c) Portal for Appraiser Credentialing and AMC Registration 
Information.--
            ``(1) In general.--The Appraisal Subcommittee shall 
        establish and maintain a cloud-based system to be called the 
        `Portal for Appraiser Credentialing and AMC Registration 
        Information' (referred to in this subsection as the `Portal'), 
        which--
                    ``(A) shall provide appraisers and appraisal 
                management companies a central depository for license, 
                certification, and registration applications and 
                renewals;
                    ``(B) shall provide connectivity with State 
                appraiser certifying and licensing agencies for their 
                access to all application and renewal information, 
                including completed qualifying and continuing 
                education, experience logs, examination results, 
                background check information, where applicable, and any 
                other information the Appraisal Subcommittee determines 
                appropriate (after consideration of any advice from the 
                advisory committee established under paragraph (6));
                    ``(C) shall make available payment of all license, 
                certification, and registration fees and delivery of 
                letters of good standing to State appraiser certifying 
                and licensing agencies; and
                    ``(D) may utilize an existing platform, if 
                available.
            ``(2) Background checks.--
                    ``(A) Access to records.--Notwithstanding any other 
                provision of law, in providing appraisal functions, the 
                Attorney General shall provide access to all criminal 
                history information to the appropriate State officials 
                responsible for regulating State-licensed and State-
                certified appraisers or appraisal management companies 
                to the extent criminal history background checks are 
                required under the laws of the State for the licensing 
                or certification of such appraisers and registering 
                appraisal management companies.
                    ``(B) Agent.--For the purposes of this paragraph 
                and in order to reduce the points of contact which the 
                Federal Bureau of Investigation may have to maintain 
                for purposes of subparagraph (A), the Appraisal 
                Subcommittee may be used as a channeling agent of the 
                States for requesting and distributing information 
                between the Department of Justice and the appropriate 
                State agencies.
                    ``(C) Other persons requiring a background check.--
                To the extent criminal history background checks 
                conducted by the Federal Bureau of Investigation are 
                required under the laws of a State, appraisers and any 
                other person that may require such a background check 
                shall submit fingerprints to the Portal and authorize 
                the Appraisal Subcommittee to process a criminal 
                background check with the Federal Bureau of 
                Investigation.
                    ``(D) Treatment of background checks.--Background 
                checks completed under this paragraph shall satisfy any 
                third-party oversight requirements imposed by Federal 
                financial institutions regulatory agencies.
            ``(3) Additional content information.--
                    ``(A) Education courses.--For purposes of the 
                education information maintained by the Portal--
                            ``(i) a State appraiser certifying and 
                        licensing agency may notify the Portal of which 
                        particular courses have been approved by the 
                        agency; and
                            ``(ii) both education providers and State 
                        appraiser certifying and licensing agencies of 
                        States may submit to the Portal lists of 
                        individuals who have completed such courses.
                    ``(B) Unique identifiers.--The Appraisal 
                Subcommittee shall use a unique identifier to identify 
                each individual who submits an application through the 
                Portal or otherwise makes use of the Portal. The 
                Appraisal Subcommittee may also use a unique identifier 
                to identify each appraisal management company that 
                submits an application through the Portal or otherwise 
                makes use of the Portal.
            ``(4) No effect on states' rights.--States shall retain the 
        ability to act independently upon license, certification, and 
        registration applications and renewals for appraisers and 
        appraisal management companies.
            ``(5) Treatment of fees.--State credentialing fees and any 
        State-specific information shall continue to be provided to 
        States by appraisers and appraisal management companies, but 
        transmitted through the Portal via a streamlined process and 
        application.
            ``(6) Advisory committee.--
                    ``(A) In general.--The Appraisal Subcommittee shall 
                establish an advisory committee to advise the Appraisal 
                Subcommittee on the establishment of the Portal.
                    ``(B) Membership.--The advisory committee shall 
                consist of representatives of industry associations, 
                appraisers, lenders, appraisal management companies, 
                and State appraiser certifying and licensing agencies, 
                to be determined by the Appraisal Subcommittee.
            ``(7) Funding.--
                    ``(A) User fees.--For the sole purpose of paying 
                for the cost of establishing and maintaining the Portal 
                and carrying out the background checks required under 
                paragraph (2)(A), the Appraisal Subcommittee may charge 
                a reasonable fee to individuals and appraisal 
                management companies making use of the Portal. The fee 
                shall be revenue neutral to the costs of developing and 
                maintaining the Portal.
                    ``(B) State grants.--The Appraisal Subcommittee 
                shall make grants available to State appraiser 
                certifying and licensing agencies, in accordance with 
                policies to be developed by the Appraisal Subcommittee, 
                to support the efforts of such agencies to connect 
                State systems with the Portal.''.
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