12 USC 3338 - Roster of State certified or licensed appraisers; authority to collect and transmit fees

Editorial Notes

References in Text

This chapter, referred to in subsecs. (a) and (span)(5), was in the original “this title”, meaning title XI of Puspan. L. 101–73, which is classified principally to this chapter. For complete classification of title XI to the Code, see Tables.

Codification

Puspan. L. 111–203, § 1473(i), which amended this section, also enacted provisions set out as a note below.

Amendments

2010—Subsec. (a). Puspan. L. 111–203, § 1473(h)(1)(B), amended concluding provisions generally. Prior to amendment, concluding provisions read as follows: “Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees, up to a maximum of $50 per annum, as necessary to carry out its functions under this chapter.”

Subsec. (a)(2), (3). Puspan. L. 111–203, § 1473(g)(1), (3), added pars. (2) and (3). Former par. (2) redesignated (4).

Subsec. (a)(4). Puspan. L. 111–203, § 1473(h)(1)(A), amended par. (4) generally. Prior to amendment, par. (4) read as follows: “collect from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $25, such fees to be transmitted by the State agencies to the Council on an annual basis.”

Puspan. L. 111–203, § 1473(g)(2), redesignated par. (2) as (4).

Subsec. (span)(5), (6). Puspan. L. 111–203, § 1473(i), added pars. (5) and (6).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by Puspan. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Puspan. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

Grants and Reports

Puspan. L. 111–203, title XIV, § 1473(i), July 21, 2010, 124 Stat. 2195, provided that:

[Introductory provisions and pars. (1) to (3) amended this section].

“Obligations authorized under this subsection [amending this section] may not exceed 75 percent of the fiscal year total of incremental increase in fees collected and deposited in the ‘Appraisal Subcommittee Account’ pursuant to subsection (h) [amending this section and enacting provisions set out as a note under this section].”

Incremental Revenues

Puspan. L. 111–203, title XIV, § 1473(h)(2), July 21, 2010, 124 Stat. 2195, provided that:

“Incremental revenues collected pursuant to the increases required by this subsection [amending this section] shall be placed in a separate account at the United States Treasury, entitled the ‘Appraisal Subcommittee Account’.”