FIRREA Title XI (Real Estate Appraisal Reform Amendments, 12 U.S.C.) § 3349 — Violations in obtaining and performing appraisals in federally related transactions
FIRREA Title XI (Real Estate Appraisal Reform Amendments, 12 U.S.C.), §3349 Violations in obtaining and performing appraisals in federally related transactions. Full verbatim text from the Office of the Law Revision Counsel's United States Code (USLM XML, release point 119-111).
Verbatim regulatory text
Verbatim provisions from FIRREA Title XI (Real Estate Appraisal Reform Amendments, 12 U.S.C.) § 3349 — Violations in obtaining and performing appraisals in federally related transactions — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 U.S.C. §3349(a)
(a) ViolationsExcept 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.
12 U.S.C. §3349(b)
(b) Penalties 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.
12 U.S.C. §3349(c)
(c) Proceeding A 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.
12 U.S.C. §3349 note — source credit and editorial notes (not statute text)
(Pub. L. 101–73, title XI, § 1120, Aug. 9, 1989, 103 Stat. 517.)
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