REAL ESTATE APPRAISALS.

SEC. 701. REAL ESTATE APPRAISALS. (a) Certification and Licensing Requirements.— Section 1116 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3345) is amended by adding at the end the following new subsection: “(e) Authority of the appraisal subcommittee.— The Appraisal Subcommittee shall not set qualifications or experience requirements for the States in licensing real estate appraisers. Recommendations of the Subcommittee shall be nonbinding on the States. (b) Use of State Certified and State Licensed Appraisers.— (1) Effective date for use.— Section 1119(a)(1) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. 3348(a)(1)) is amended by striking “July 1, 1991” and inserting “December 31, 1992”. (2) Extension of effective date.— Section 1119(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3348(b)) is amended- (A) in the first sentence, by striking “leading to inordinate delays” and inserting “, or in any geographical political subdivision of a State, leading to significant delays”; and (B) in the second sentence, by striking “inordinate” and inserting “significant”.