[Federal Register Volume 85, Number 181 (Thursday, September 17, 2020)]
[Notices]
[Pages 58047-58048]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20457]


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

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

[Docket No. AS20-11]


Submission for OMB Review; Comment Request

AGENCY: Appraisal Subcommittee (ASC), Federal Financial Institutions 
Examination Council.

ACTION: Notice.

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

SUMMARY: The ASC as part of a continuing effort to reduce paperwork and 
respondent burden, invites the general public and other Federal 
agencies to comment on the following extension of a currently approved 
collection, as required by the Paperwork Reduction Act of 1995. On June 
5, 2020, the ASC requested comment for 60 days on a proposal to renew 
this information collection. No comments were received. The ASC hereby 
gives notice of its plan to submit to the Office of Management and 
Budget (OMB) a request to approve the renewal of this collection and 
again invites comment on its renewal.

DATES: Written comments must be received on or before October 19, 2020 
to be assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Lori Schuster, Management and Program 
Analyst, at (202) 595-7578, Appraisal Subcommittee, 1325 G Street NW, 
Suite 500, Washington, DC 20005. View the entire information collection 
request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Collection and Transmission of Annual AMC Registry Fees.
    OMB Number: 3139-0008.
    Type of Review: Extension of a currently approved collection.
    Abstract: States that register and supervise appraisal management 
companies (AMCs) are required to collect and transmit annual AMC 
registry fees to the ASC. 12 CFR part 1102, and in particular section 
1102.402, established the annual AMC registry fee for States that 
register and supervise AMCs as follows: (1) In the case of an AMC that 
has been in existence for more than a year, $25 multiplied by the 
number of appraisers who have performed an appraisal for the AMC on a 
covered transaction in such State during the previous year; and (2) in 
the case of an AMC that has not been in existence for more than a year, 
$25 multiplied by the number of appraisers who have performed an 
appraisal for the AMC on a covered transaction in such State since the 
AMC commenced doing business. Performance of an appraisal means the 
appraisal service requested of an appraiser by the AMC was provided to 
the AMC. Section 1102.403 requires AMC registry fees to be collected 
and transmitted to the ASC on an annual basis by States that register 
and supervise AMCs. Only those AMCs whose registry fees have been 
transmitted to the ASC are eligible to be on the AMC Registry for the 
12-month period following the payment of the fee. Section 1102.403 
clarified that States may align a one-year period with any 12-month 
period, which may, or may not, be based on the calendar year. The 
registration cycle is left to the individual States to determine.
    Current Action: There are no changes being made to this regulation.
    Affected Public: States, businesses or other for-profit 
organizations.
    Estimated Number of Respondents: 350 AMCs, 51 States. Based on a 
review of AMC Registry data, there are approximately 309 distinct AMCs 
listed on the AMC Registry as reported by 30 States. Therefore, we have 
changed the estimated number of AMCs from 500 to 350 to account for the 
21 States that are not currently reporting data to the AMC Registry. 
Currently 51 States have AMC Programs with 30 States reporting data to 
the AMC Registry.
    Estimated Total Annual Burden Hours: For States--We estimate that a 
State will spend approximately 60 hours annually submitting data to the 
ASC.
    For AMCs--4,437 hours. This estimate has been increased from 500. 
As of September 4, 2020, there were 2,608 active AMC entries on the AMC 
Registry. We estimate that it takes each AMC one hour to report its 
data to each State in which the AMC is registered. Assuming an average 
of 87 AMCs per State, this would total 4,437 active AMCs in 51 States.
    Frequency of Response: Event generated.
* * * * *


[[Page 58048]]


    By the Appraisal Subcommittee.
James R. Park,
Executive Director.
[FR Doc. 2020-20457 Filed 9-16-20; 8:45 am]
BILLING CODE 6700-01-P