2017 US Code
Title 12 - Banks and Banking
Chapter 34A - Appraisal Subcommittee of Federal Financial Institutions Examination Council
Sec. 3349 - Violations in obtaining and performing appraisals in federally related transactions
| 12 U.S.C. § 3349 (2017) |
| §3349. Violations in obtaining and performing appraisals in federally related transactions |
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(a) Violations
Except as authorized by the Appraisal Subcommittee in exercising its waiver authority pursuant to section 3348(b) of this title, it shall be a violation of this section— (1) for a financial institution to seek, obtain, or give money or any other thing of value in exchange for the performance of an appraisal by a person who the institution knows is not a State certified or licensed appraiser in connection with a federally related transaction; and (2) for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Resolution Trust Corporation to knowingly contract for the performance of any appraisal by a person who is not a State certified or licensed appraiser in connection with a real estate related financial transaction defined in section 3350(5) of this title to which such association or corporation is a party. A financial institution that violates subsection (a)(1) shall be subject to civil penalties under section 1818(i)(2) of this title or section 1786(k)(2) of this title, as appropriate. (c) ProceedingA proceeding with respect to a violation of this section shall be an administrative proceeding which may be conducted by a Federal financial institutions regulatory agency in accordance with the procedures set forth in subchapter II of chapter 5 of title 5. |
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(Pub. L. 101–73, title XI, §1120, Aug. 9, 1989, 103 Stat. 517.) |
| United States Code, 2012 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL Sec. 3349 - Violations in obtaining and performing appraisals in federally related transactions |
| section 3349 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 103 Stat. 517 |
| Public Law 101-73 |
