United States · Bill · S
S. 3902 (118th)
Appraisal Industry Improvement Act
Introduced
11 March 2024
Last action
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Status
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsors
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Subjects
Discovery layer
Source updated
14 January 2025
Summary
Appraisal Industry Improvement Act This bill revises the federal regulation of real estate appraisers by expanding eligibility criteria to perform appraisals, specifying training requirements, and providing for grants. The Federal Financial Institutions Examination Council’s Appraisal Subcommittee oversees state licensing and certification of appraisers and maintains a registry of appraisers eligible to perform appraisals tied to mortgages involving federally backed programs, federally insured banks, or government sponsored enterprises. The bill allows federal employees who are certified or licensed as an appraiser to perform appraisals in states and territories other than the state or territory in which they are certified or licensed. The bill also provides requirements for qualifying education for appraisers. The bill expands the national appraiser registry to include trainees with state credentials. The bill allows the Appraisal Subcommittee to make grants to state appraiser certifying and licensing agencies for the purpose of addressing appraiser workforce needs. The bill also adds representation on the subcommittee from the Department of Veterans Affairs, the Rural Housing Service of the Department of Agriculture, and the Department of Housing and Urban Development.
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate · EN · 11 March 2024
Introduced in Senate (PDF)
Introduced in Senate · EN · 11 March 2024
Introduced in Senate
summary · EN · 11 March 2024
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Sources
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- Official source: https://www.congress.gov/bill/118th-congress/senate-bill/3902
- Open data entity: https://api.congress.gov/v3/bill/118/s/3902