[Federal Register Volume 62, Number 84 (Thursday, May 1, 1997)]
[Notices]
[Pages 23777-23778]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-11259]


=======================================================================
-----------------------------------------------------------------------

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

[Docket No. AS96-1]


Appraisal Subcommittee; Appraisal Policy; Temporary Practice and 
Reciprocity; Correction.

AGENCY: Appraisal Subcommittee, Federal Financial Institutions 
Examination Council.

ACTION: Adoption of amended policy statements; correction.

-----------------------------------------------------------------------

SUMMARY: On April 23, 1997, the Appraisal Subcommittee (``ASC'') of the 
Federal Financial Institutions Examination Council published a notice 
of amended policy statements respecting temporary practice and 
reciprocity in 62 FR 19755. We published an incorrect version of 
``Statement 6: Reciprocity,'' and this notice corrects the Statement. 
The substantive portions of Statement 6 are unaffected.

EFFECTIVE DATE: Immediately.

FOR FURTHER INFORMATION CONTACT: Ben Henson, Executive Director, or 
Marc L. Weinberg, General Counsel, at (202) 634-6520, via Internet e-
mail at [email protected] and [email protected], respectively, or by U.S. Mail 
at Appraisal Subcommittee, 2100 Pennsylvania Avenue, N.W., Suite 200, 
Washington, D.C. 20037.

SUPPLEMENTARY INFORMATION:

    In the April 23, 1997 Federal Register, ``Statement 6: 
Reciprocity,'' which appears on page 19769 and continues until the end 
of the notice, is corrected to read as follows:

[[Page 23778]]

Statement 6: Reciprocity

    Section 1122(b) of Title XI, 12 U.S.C. 3347(b), states that the ASC 
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. Under 
reciprocity agreements, an appraiser who is certified or licensed in 
State A and is also reciprocally certified or licensed in State B must 
comply with both States' appraiser laws, including those requiring the 
payment of certification, licensing and Federal registry fees and 
continuing education. Indeed, the appraiser for all intents and 
purposes is treated as if he or she were separately certified or 
licensed in each of the States.
    Each State should work expeditiously and conscientiously with other 
States with a view toward satisfying the purposes of Sec. 1122(b). The 
ASC monitors each State's progress towards this goal and encourages 
States to work out issues and difficulties.
    Specifically, the ASC encourages States to enter into reciprocity 
agreements that, at a minimum, contain the following features:
     Accomplish reciprocity with at least all contiguous 
States. For States not sharing geographically contiguous borders with 
any other State, such as Alaska and Puerto Rico, those States should 
enter into reciprocity agreements with States that certify or license 
appraisers who perform a significant number of appraisals in the non-
contiguous States;
     Readily accepts other States' certifications and licenses 
without reexamining applicants' underlying education and experience, 
provided that the other State: (1) has appraiser qualification criteria 
that meet or exceed the minimum standards for certification and 
licensure as adopted by the AQB; and (2) uses appraiser certification 
or licensing examinations that are AQB endorsed;
     Eliminate retesting, provided that the applicant has 
passed the appropriate AQB-endorsed appraiser certification and 
licensing examinations in the appraiser's home State;
     Recognize and accept successfully completed continuing 
education courses taken to qualify for license or certification renewal 
in the appraiser's home State; and
     Establish reciprocal licensing or certification fees 
identical in amount to the corresponding fees for in-State appraisers.

    By the Appraisal Subcommittee.

    Dated: April 25, 1997.
Ben Henson,
Executive Director.
[FR Doc. 97-11259 Filed 4-30-97; 8:45 am]
BILLING CODE 6201-01-M