United States 116th Congress Status: Died 1 D cosponsors

HR 3619 — Appraisal Fee Transparency Act of 2019

Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. Died in session

This bill died with 116th Congress. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Appraisal Fee Transparency Act of 2019 This bill revises provisions related to real estate appraisals. Specifically, the bill adds trainee appraisers to the National Registry of Appraisers, allows the Federal Financial Institutions Examination Council's Appraisal Subcommittee to adjust annual registry fees for appraisal management companies, requires the disclosure of appraisal fees in the case of an appraisal coordinated by an appraisal management company, allows nonprofit organizations and institutions of higher education to receive certain grants, and adds a designee of the Department of Veterans Affairs to the Appraisal Subcommittee.

Bill Text

What changed in the latest version

7 added · 2 removed

Plain-language change summary

The amendment adds text to the bill that includes references to the Senate's receipt and referral of the bill to the Committee on Banking, Housing, and Urban Affairs. It also replaces a reference to a paragraph in section regarding maintenance on the National Registry. This change provides a clearer legislative path for the bill and identifies the committee that will consider it in the Senate.

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3619 Engrossed in House (EH)] <DOC> 116th CONGRESS 1st Session H.
3619 Referred in Senate (RFS)] <DOC> 116th CONGRESS 1st Session H.
3619 _______________________________________________________________________ AN ACT To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry fees for appraisal management companies, to maintain a registry of trainees and charge a lower trainee registry fee, and to allow grants to States to assist appraiser and potential appraiser compliance with the Real Property Appraiser Qualification Criteria, and for other purposes.
3619 _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 23, 2019 Received;
read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ AN ACT To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry fees for appraisal management companies, to maintain a registry of trainees and charge a lower trainee registry fee, and to allow grants to States to assist appraiser and potential appraiser compliance with the Real Property Appraiser Qualification Criteria, and for other purposes.
(a) Maintenance on National Registry.-- Paragraph (3) of section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C.
(a) Maintenance on National Registry.--Paragraph (3) of section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C.
Clerk.
CHERYL L.
116th CONGRESS 1st Session H.
JOHNSON, Clerk.
R.
3619 _______________________________________________________________________ AN ACT To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry fees for appraisal management companies, to maintain a registry of trainees and charge a lower trainee registry fee, and to allow grants to States to assist appraiser and potential appraiser compliance with the Real Property Appraiser Qualification Criteria, and for other purposes.
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Sections of law this bill changes

5 sections in 3 laws

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

Real estate settlement procedures · 12 U.S.C. ch. 27 1 section
  • § 2603 Uniform settlement statement Amends

    12 U.S.C. § 2603 — at 2603(c)

    The law today

    (a) Disclosure for mortgage loan transactions The Bureau shall publish a single, integrated disclosure for mortgage loan transactions (including real estate settlement cost statements) which includes the disclosure requirements of this section and section 2604 of this title, in conjunction with the disclosure requirements of the Truth in Lending Act [15 U.S.C. 1601 et seq.] that, taken together, may apply to a transaction that is subject to both or either provisions of law. The purpose of such model disclosure shall be to facilitate compliance with the disclosure requirements of this chapter 1 and the Truth in Lending Act, and to aid the borrower or lessee in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures. Such forms shall conspicuously and clearly itemize all charges imposed upon the borrower and all charges imposed upon the seller in connection with the settlement and shall indicate whether any title insurance premium included in such charges covers or insures the lender’s interest in the property, the borrower’s interest, or both. The Bureau may, by regulation, permit the deletion from the forms prescribed under this section of items which are not, under local laws or customs, applicable in any locality, except that such regulation shall require that the numerical code prescribed by the Bureau be retained in forms to be used in all localities. Nothing in this section may be construed to require that that part of the standard forms which relates to the borrower’s transaction be furnished to the seller, or to require that that part of the standard forms which relates to the seller be furnished to the borrower. (b) Availability for inspection; exceptions The forms prescribed under this section shall be completed and made available for inspection by the borrower at or before settlement by the person conducting the settlement, except that (1) the Bureau may exempt from the requirements of this section settlements occurring in localities where the final settlement statement is not customarily provided at or before the date of settlement, or settlements where such requirements are impractical and (2) the borrower may, in accordance with regulations of the Bureau, waive his right to have the forms made available at such time. Upon the request of the borrower to inspect the forms prescribed under this section during the business day immediately preceding the day of settlement, the person who will conduct the settlement shall permit the borrower to inspect those items which are known to such person during such preceding day. (c) Disclosure of fees The standard form described in subsection (a) may include, in the case of an appraisal coordinated by an appraisal management company (as such term is defined in section 3350(11) of this title), a clear disclosure of— (1) the fee paid directly to the appraiser by such company; and (2) the administration fee charged by such company. (d) Disclosure for charitable mortgage loan transactions With respect to a mortgage loan transaction involving a residential mortgage loan offered at 0 percent interest with only bonafide and reasonable fees and that is primarily for charitable purposes, an organization described in section 501(c)(3) of title 26 and exempt from taxation under section 501(a) of such title may use forms HUD–1 and GFE (as defined under section 1024.2(b) of title 12, Code of Federal Regulations) together with a disclosure substantially in the form of the Loan Model Form H–2 (as depicted in Appendix H to part 1026 of title 12, Code of Federal Regulations), collectively, in lieu of the disclosure published under subsection (a) of this section.

    7 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Federal financial institutions examination council · 12 U.S.C. ch. 34 1 section
  • § 3310 Establishment of Appraisal Subcommittee Amends

    12 U.S.C. § 3310

    The law today

    There shall be within the Council a subcommittee to be known as the “Appraisal Subcommittee”, which shall consist of the designees of the heads of the Federal financial institutions regulatory agencies, the Bureau of Consumer Financial Protection, the Department of Veterans Affairs, the Rural Housing Service of the Department of Agriculture, the Department of Housing and Urban Development, and the Federal Housing Finance Agency. Each such designee shall be a person who has demonstrated knowledge and competence concerning the appraisal profession. At all times at least one member of the Appraisal Subcommittee shall have demonstrated knowledge and competence through licensure, certification, or professional designation within the appraisal profession.

    9 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Appraisal subcommittee of federal financial institutions examination council · 12 U.S.C. ch. 34A 3 sections
  • § 3332 Functions of Appraisal Subcommittee Amends

    12 U.S.C. § 3332 — at 3332(a)(3)

    The law today

    (a) In general The Appraisal Subcommittee shall— (1) monitor the requirements established by States— (A) for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility; and (B) for the registration and supervision of the operations and activities of an appraisal management company; (2) monitor the requirements established by the Federal financial institutions regulatory agencies with respect to— (A) appraisal standards for federally related transactions under their jurisdiction, and (B) determinations as to which federally related transactions under their jurisdiction require the services of a State certified appraiser and which require the services of a State licensed appraiser; (3) maintain a national registry of State certified and licensed appraisers and State credentialed trainee appraisers who are eligible to perform appraisals in federally related transactions; (4) transmit an annual report to the Congress not later than June 15 of each year that describes the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year, detailing the activities of the Appraisal Subcommittee, including the results of all audits of State appraiser regulatory agencies, and provides an accounting of disapproved actions and warnings taken in the previous year, including a description of the conditions causing the disapproval and actions taken to achieve compliance; and (5) maintain a national registry of appraisal management companies that either are registered with and subject to supervision of a State appraiser certifying and licensing agency or are operating subsidiaries of a Federally regulated financial institution. (b) Monitoring and reviewing foundation The Appraisal Subcommittee shall monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation.

    12 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

  • § 3338 Roster of State, certified, licensed, and credentialed trainee appraisers; authority to collect and transmit fees Amends

    12 U.S.C. § 3338 — at 3338(a)(4)(B), 3338(a)(4)(A), and 3338(b)(5)

    The law today

    (a) In general Each State with an appraiser certifying and licensing agency whose certifications and licenses comply with this chapter, shall— (1) transmit to the Appraisal Subcommittee, no less than annually, a roster listing individuals who have received a State certification or license in accordance with this chapter, and in the case of a State with a supervisory or trainee program, a roster listing individuals who have received a State trainee credential; (2) transmit reports on the issuance and renewal of licenses, certifications, credentials, sanctions, and disciplinary actions, including license, credential, and certification revocations, on a timely basis to the national registry of the Appraisal Subcommittee; (3) transmit reports on a timely basis of supervisory activities involving appraisal management companies or other third-party providers of appraisals and appraisal management services, including investigations initiated and disciplinary actions taken; and (4) collect— (A) from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $40, such fees to be transmitted by the State agencies to the Council on an annual basis; and (B) from an appraisal management company that either has registered with a State appraiser certifying and licensing agency in accordance with this chapter or operates as a subsidiary of a federally regulated financial institution, an annual registry fee of— (i) in the case of such a company that has been in existence for more than a year, $25 multiplied by the number of appraisers working for or contracting with such company in such State during the previous year, but where such $25 amount may be adjusted, up to a maximum of $50, at the discretion of the Appraisal Subcommittee, if necessary to carry out the Subcommittee’s functions under this chapter; and (ii) in the case of such a company that has not been in existence for more than a year, $25 multiplied by an appropriate number to be determined by the Appraisal Subcommittee, and where such number will be used for determining the fee of all such companies that were not in existence for more than a year, but where such $25 amount may be adjusted, up to a maximum of $50, at the discretion of the Appraisal Subcommittee, if necessary to carry out the Subcommittee’s functions under this chapter. Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees under paragraph (4)(A), up to a maximum of $80 per annum, as necessary to carry out its functions under this chapter. The Appraisal Subcommittee shall consider at least once every 5 years whether to adjust the dollar amount of the registry fees to account for inflation. In implementing any change in registry fees, the Appraisal Subcommittee shall provide flexibility to the States for multi-year certifications and licenses already in place, as well as a transition period to implement the changes in registry fees. In establishing the amount of the annual registry fee for an appraisal management company, the Appraisal Subcommittee shall have the discretion to impose a minimum annual registry fee for an appraisal management company to protect against the under reporting of the number of appraisers working for or contracted by the appraisal management company. Subject to the approval of the Council, the Appraisal Subcommittee may adjust fees established under clause (i) or (ii) to carry out its functions under this Act. (b) Use of amounts appropriated or collected Amounts appropriated for or collected by the Appraisal Subcommittee under this section shall be used— (1) to maintain a registry of individuals who are qualified and eligible to perform appraisals in connection with federally related transactions; (2) to support its activities under this chapter; (3) to reimburse the general fund of the Treasury for amounts appropriated to and expended by the Appraisal Subcom...

    8 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

  • § 3350 Definitions Amends

    12 U.S.C. § 3350

    The law today

    For purposes of this chapter: (1) State appraiser certifying and licensing agency The term “State appraiser certifying and licensing agency” means a State agency established in compliance with this chapter. (2) Appraisal Subcommittee; subcommittee The terms “Appraisal Subcommittee” and “subcommittee” mean the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. (3) Council The term “Council” means the Federal Financial Institutions Examinations Council. (4) Federally related transaction The term “federally related transaction” means any real estate-related financial transaction which— (A) a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and (B) requires the services of an appraiser. (5) Real estate related financial transaction The term “real estate-related financial transaction” means any transaction involving— (A) the sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof; (B) the refinancing of real property or interests in real property; and (C) the use of real property or interests in property as security for a loan or investment, including mortgage-backed securities. (6) Federal financial institutions regulatory agencies The term “Federal financial institutions regulatory agencies” means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration. (7) Financial institution The term “financial institution” means an insured depository institution as defined in section 1813 of this title or an insured credit union as defined in section 1752 of this title. (8) Chairperson The term “Chairperson” means the Chairperson of the Appraisal Subcommittee selected by the Council. (9) Foundation The terms “Appraisal Foundation” and “Foundation” means the Appraisal Foundation established on November 30, 1987, as a not for profit corporation under the laws of Illinois. (10) Written appraisal The term “written appraisal” means a written statement used in connection with a federally related transaction that is independently and impartially prepared by a licensed or certified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by presentation and analysis of relevant market information. (11) Appraisal management company The term “appraisal management company” means, in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than 15 certified or licensed appraisers in a State or 25 or more nationally within a given year— (A) to recruit, select, and retain appraisers; (B) to contract with licensed and certified appraisers to perform appraisal assignments; (C) to manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or (D) to review and verify the work of appraisers. (12) State credentialed trainee appraiser The term “State credentialed trainee appraiser” means an individual who— (A) meets the minimum criteria established by the Appraiser Qualification Board for a trainee appraiser credential; and (B) is credentialed by a State appraiser certifying and licensing agency.

    8 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

How this bill changes current law

7 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill enhances the authority of the Appraisal Subcommittee regarding registry fees, trainee appraisers, and grants for compliance efforts.

  • 12 U.S.C. 3338(a)(4)(B)

    the Appraisal Subcommittee may adjust fees established under clause (i) or (ii) to carry out its functions under this Act. → except that if the Appraisal Subcommittee determines that the fees established under clause (i) or (ii) result in adverse consequences or are otherwise not appropriately tailored to meet the goals of this paragraph, the Appraisal Subcommittee may establish a new formula for fees, which new formula may not take effect until the Appraisal Subcommittee submits a report to the Congress justifying its decision to establish such a new formula, setting forth the new formula, and explaining how the new formula will affect such fees.

    The Appraisal Subcommittee can now modify annual registry fee formulas and must report to Congress before implementing new fees.

  • 12 U.S.C. 3332(a)(3)

    and licensed → , licensed, and trainee

    The national registry maintained by the Appraisal Subcommittee will now include trainee appraisers.

  • 12 U.S.C. 3338(a)(4)(A)

    not more than $40 → not more than $40, except that the Appraisal Subcommittee may, in its discretion, charge a fee for trainee appraisers not exceeding $20

    The Appraisal Subcommittee can charge a reduced registry fee of up to $20 for trainee appraisers.

  • 12 U.S.C. 3350

    (12) Trainee appraiser.--The term `trainee appraiser' means an individual who meets the minimum criteria established by the Appraiser Qualification Board for a trainee appraiser license and is credentialed by a State appraiser certifying and licensing agency.

    Defines the term 'trainee appraiser' for clarity.

  • 12 U.S.C. 3338(b)(5)

    nonprofit organizations, and institutions of higher education

    Allows grants to be made to nonprofits and higher education institutions for compliance assistance.

  • 12 U.S.C. 2603(c)

    may → shall

    Mandates disclosure of appraisal fees in transactions instead of permitting it.

  • 12 U.S.C. 3310

    the Department of Veterans Affairs,

    Includes the Department of Veterans Affairs in the Appraisal Subcommittee's membership.

Action History

  1. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. Ms. Waters moved to suspend the rules and pass the bill, as amended.

  3. Considered under suspension of the rules. (consideration: CR H7803-7805)

  4. DEBATE - The House proceeded with forty minutes of debate on H.R. 3619.

  5. Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7804)

  6. On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7804)

  7. Motion to reconsider laid on the table Agreed to without objection.

  8. Committee Consideration and Mark-up Session Held.

  9. Ordered to be Reported (Amended) by Voice Vote.

  10. Introduced in House

  11. Introduced in House

  12. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

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Frequently asked questions

What does HR 3619 do?
Appraisal Fee Transparency Act of 2019 This bill revises provisions related to real estate appraisals. Specifically, the bill adds trainee appraisers to the National Registry of Appraisers, allows the Federal Financial Institutions Examination Council's Appraisal Subcommittee to adjust annual registry fees for appraisal management companies, requires the disclosure of appraisal fees in the case of an appraisal coordinated by an appraisal management company, allows nonprofit organizations and institutions of higher education to receive certain grants, and adds a designee of the Department of Veterans Affairs to the Appraisal Subcommittee.
Who sponsors HR 3619?
HR 3619 is sponsored by Clay, Wm. Lacy (Democratic).
What is the current status of HR 3619?
This bill died with 116th Congress. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 3619?
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