STATE REGULATION OF REAL ESTATE APPRAISALS.

SEC. 315. STATE REGULATION OF REAL ESTATE APPRAISALS. Section 1122 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351) is amended— (1) by redesignating subsections (b) through (e) as subsections (c) through (f), respectively; (2) by inserting after subsection (a) the following new subsection: “(b) Reciprocity.— The Appraisal Subcommittee 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.”; and (3) in subsection (a)— (A) by redesignating paragraphs (1) through (3) as subparagraphs (A) through (C); (B) by striking “A State” and inserting the following: “(1) In general.— A State”; and (C) by adding at the end the following new paragraph: “(2) Fees for temporary practice.— A State appraiser certifying or licensing agency shall not impose excessive fees or burdensome requirements, as determined by the Appraisal Subcommittee, for temporary practice under this subsection.”.