MONITORING OF STATE APPRAISER CERTIFYING AND LICENSING AGENCIES.

SEC. 1118. MONITORING OF STATE APPRAISER CERTIFYING AND LICENSING AGENCIES. (a) In General.—The Appraisal Subcommittee shall monitor State appraiser certifying and licensing agencies for the purpose of determining whether a State agency’s policies, practices, and procedures are consistent with this title. The Appraisal Subcommittee and all agencies, instrumentalities, and federally recognized entities under this title shall not recognize appraiser certifications and licenses from States whose appraisal policies, practices, or procedures are found to be inconsistent with this title. (b) Disapproval by Appraisal Subcommittee.—The Federal financial institutions, regulatory agencies, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Resolution Trust Corporation shall accept certifications and licenses awarded by a State appraiser certifying the licensing agency unless the Appraisal Subcommittee issues a written finding that— (1) the State agency fails to recognize and enforce the standards, requirements, and procedures prescribed pursuant to this title; 103 STAT. 516 (2) the State agency is not granted authority by the State which is adequate to permit the agency to carry out its functions under this title; or (3) decisions concerning appraisal standards, appraiser qualifications and supervision of appraiser practices are not made in a manner that carries out the purposes of this title. (c) Rejection of State Certifications and Licenses.— (1) Opportunity to be heard or correct conditions.—Before refusing to recognize a State’s appraiser certifications or licenses, the Appraisal Subcommittee shall provide that State’s certifying and licensing agency a written notice of its intention not to recognize the State’s certified or licensed appraisers and ample opportunity to provide rebuttal information or to correct the conditions causing the refusal. (2) Adoption of procedures.—The Appraisal Subcommittee shall adopt written procedures for taking actions described in this section. (3) Judicial review.—A decision of the subcommittee under this section shall be subject to judicial review.