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Home >> Legal Service >> US Codes >> Title 12 Banks and Banking >> CHAPTER 34A >> § 3349
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| § 3349. Violations in obtaining and performing appraisals in federally related transactions |
§ 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.
(b)
Penalties
A financial institution that violates subsection (a)(1) of this section 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)
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.
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avarshney