
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: 12USC3349]

 
                       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
        

(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.

(Pub. L. 101-73, title XI, Sec. 1120, Aug. 9, 1989, 103 Stat. 517.)
