
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC3339]

 
                       TITLE 12--BANKS AND BANKING
 
 CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS 
                           EXAMINATION COUNCIL
 
Sec. 3339. Functions of Federal financial institutions 
        regulatory agencies relating to appraisal standards
        
    Each Federal financial institutions regulatory agency and the 
Resolution Trust Corporation shall prescribe appropriate standards for 
the performance of real estate appraisals in connection with federally 
related transactions under the jurisdiction of each such agency or 
instrumentality. These rules shall require, at a minimum--
        (1) that real estate appraisals be performed in accordance with 
    generally accepted appraisal standards as evidenced by the appraisal 
    standards promulgated by the Appraisal Standards Board of the 
    Appraisal Foundation; and
        (2) that such appraisals shall be written appraisals.

Each such agency or instrumentality may require compliance with 
additional standards if it makes a determination in writing that such 
additional standards are required in order to properly carry out its 
statutory responsibilities.

(Pub. L. 101-73, title XI, Sec. 1110, Aug. 9, 1989, 103 Stat. 514.)
