2001 US Code
Title 12 - BANKS AND BANKING
CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
Sec. 3350 - Definitions
View MetadataPublication Title | United States Code, 2000 Edition, Supplement 1, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL Sec. 3350 - Definitions |
Contains | section 3350 |
Date | 2001 |
Laws in Effect as of Date | January 22, 2002 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 101-73, title XI, §1121, Aug. 9, 1989, 103 Stat. 517. |
Statutes at Large Reference | 103 Stat. 517 |
Public Law Reference | Public Law 101-73 |
§3350. Definitions
For purposes of this chapter:
(1) State appraiser certifying and licensing agencyThe term “State appraiser certifying and licensing agency” means a State agency established in compliance with this chapter.
(2) Appraisal Subcommittee; subcommitteeThe terms “Appraisal Subcommittee” and “subcommittee” mean the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
(3) CouncilThe term “Council” means the Federal Financial Institutions Examinations Council.
(4) Federally related transactionThe term “federally related transaction” means any real estate-related financial transaction which—
(A) a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and
(B) requires the services of an appraiser.
(5) Real estate related financial transactionThe term “real estate-related financial transaction” means any transaction involving—
(A) the sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof;
(B) the refinancing of real property or interests in real property; and
(C) the use of real property or interests in property as security for a loan or investment, including mortgage-backed securities.
(6) Federal financial institutions regulatory agenciesThe term “Federal financial institutions regulatory agencies” means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporations, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.
(7) Financial institutionThe term “financial institution” means an insured depository institution as defined in section 1813 of this title or an insured credit union as defined in section 1752 of this title.
(8) ChairpersonThe term “Chairperson” means the Chairperson of the Appraisal Subcommittee selected by the council.1
(9) FoundationThe terms “Appraisal Foundation” and “Foundation” means the Appraisal Foundation established on November 30, 1987, as a not for profit corporation under the laws of Illinois.
(10) Written appraisalThe term “written appraisal” means a written statement used in connection with a federally related transaction that is independently and impartially prepared by a licensed or certified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by presentation and analysis of relevant market information.
(Pub. L. 101–73, title XI, §1121, Aug. 9, 1989, 103 Stat. 517.)
Section Referred to in Other SectionsThis section is referred to in section 3349 of this title.
1 So in original. Probably should be capitalized.
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