FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
[Docket No. AS96-1]
APPRAISAL SUBCOMMITTEE; APPRAISAL POLICY; TEMPORARY PRACTICE AND RECIPROCITY; CORRECTION
AGENCY: Appraisal Subcommittee, Federal Financial Institutions Examination Council.
ACTION: Adoption of amended policy statements; correction.
SUMMARY: On April 23, 1997, the Appraisal Subcommittee ("ASC") of the Federal Financial Institutions Examination Council published a notice of amended policy statements respecting temporary practice and reciprocity in 62 FR 19755. We published an incorrect version of "Statement 6: Reciprocity," and this notice corrects the Statement. The substantive portions of Statement 6 are unaffected.
EFFECTIVE DATE: Immediately.
FOR FURTHER INFORMATION CONTACT: Ben Henson, Executive Director, or Marc L. Weinberg, General Counsel, at (202) 634-6520, via Internet e-mail at benh1@asc.gov and marcw1@asc.gov, respectively, or by U.S. Mail at Appraisal Subcommittee, 2100 Pennsylvania Avenue, N.W., Suite 200, Washington, D.C. 20037.
SUPPLEMENTARY INFORMATION:
In the April 23, 1997
Federal Register, "Statement 6: Reciprocity," which appears on page 19769 and continues until the end of the notice, is corrected to read as follows:
Statement 6: Reciprocity
Section 1122(b) of Title XI, 12 U.S.C. 3347(b), states that the ASC shall encourage the States to develop reciprocity agreements that readily authorize appraisers who are licensed or certified in one State (and who are in good standing with their State appraiser certifying or licensing agency) to perform appraisals in other States. Under reciprocity agreements, an appraiser who is certified or licensed in State A and is
also reciprocally certified or licensed in State B must comply with both States' appraiser laws, including those requiring the payment of certification, licensing and Federal registry fees and continuing education. Indeed, the appraiser for all intents and purposes is treated as if he or she were separately certified or licensed in each of the States.
Each State should work expeditiously and conscientiously with other States with a view toward satisfying the purposes of § 1122(b). The ASC monitors each State's progress towards this goal and encourages States to work out issues and difficulties.
Specifically, the ASC encourages States to enter into reciprocity agreements that, at a minimum, contain the following features:
- Accomplish reciprocity with at least all contiguous States. For States not sharing geographically contiguous borders with any other State, such as Alaska and Puerto Rico, those States should enter into reciprocity agreements with States that certify or license appraisers who perform a significant number of appraisals in the non-contiguous States;
- Readily accept other States' certifications and licenses without reexamining applicants' underlying education and experience, provided that the other State: (1) has appraiser qualification criteria that meet or exceed the minimum standards for certification and licensure as adopted by the AQB; and (2) uses appraiser certification or licensing examinations that are AQB endorsed;
- Eliminate retesting, provided that the applicant has passed the appropriate AQB-endorsed appraiser certification and licensing examinations in the appraiser's home State;
- Recognize and accept successfully completed continuing education courses taken to qualify for license or certification renewal in the appraiser's home State; and
- Establish reciprocal licensing or certification fees identical in amount to the corresponding fees for in-State appraisers.
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