[Federal Register Volume 75, Number 206 (Tuesday, October 26, 2010)]
[Notices]
[Pages 65629-65630]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-27054]
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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
[Docket No. AS10-7]
Modification of the Annual National Registry Fee
AGENCY: Appraisal Subcommittee (ASC) of the Federal Financial
Institutions Examination Council.
ACTION: Notice of modification of the annual National Registry fee to
$40.
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SUMMARY: Under authority in the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 (the Dodd-Frank Reform Act), the ASC
modified the annual National Registry fee (Registry fee) to $40 from
the current $25 amount at its meeting on October 13, 2010. The ASC
raised the Registry fee to support its supervisory activities,
including additional authority and responsibility under the Dodd-Frank
Reform Act. The modified Registry fee of $40 is effective on January 1,
2012. As of January 1, 2012, for all new appraiser credentials and all
renewals of existing credentials, States are required to collect and
transmit to the ASC the modified Registry fee of $40.
The National Registry is a database of all State licensed and
certified appraisers who are eligible to perform appraisals for
federally related transactions. Through the National Registry, lenders
and consumers can readily determine whether an appraiser holds the
appropriate credential and remains in good standing with the State.
Each State maintains procedures for certifying, licensing, supervising
and disciplining appraisers. The ASC is responsible for monitoring
States' appraiser regulatory programs.
DATES: Effective Date: January 1, 2012.
FOR FURTHER INFORMATION CONTACT: James R. Park, Executive Director, at
(202) 595-7575, or Alice M. Ritter, General Counsel, at (202) 595-7577,
via Internet e-mail at [email protected] and [email protected], respectively, or
by U.S. Mail at Appraisal Subcommittee, 1401 H Street, NW., Suite 760,
Washington, DC 20005.
SUPPLEMENTARY INFORMATION: Title XI of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989 (Title XI), as amended,
requires the ASC to maintain a national registry of State licensed and
certified appraisers and to ensure that each State agency transmits to
the ASC, along with an annual Registry fee, a roster of State certified
and licensed appraisers who are eligible to perform appraisals in
federally related transactions.
Title XI, as amended by the Dodd-Frank Reform Act, allows the ASC
to modify the Registry fee to an amount not more than $40. With
approval of the Federal Financial Institutions Examination Council, the
ASC has authority to modify the Registry fee above $40 to an amount not
to exceed $80.
At its meeting on October 13, 2010, the ASC approved a modification
of the annual Registry fee to $40 from the current $25 amount, which
had remained unchanged since 1989. The ASC raised the Registry fee to
support its supervisory activities, including additional authority and
responsibility under the Dodd-Frank Reform Act.
As addressed in ASC Policy Statement 8, National Registry of State
Certified and Licensed Appraisers, Title XI requires States to transmit
to the ASC a roster listing individuals who have received a State
certification or license to perform appraisals and a Registry fee from
those individuals. The Registry fee and roster requirements apply to
all individuals who receive State certifications or licenses originally
or by reciprocity. Moreover, the Registry fee is due to the ASC from
each State in which an appraiser is certified or licensed.
To provide a reasonable transition period for implementation by the
States of the modified Registry fee, the fee increase is effective on
January 1, 2012. Accordingly, on or after January 1, 2012, for all new
appraiser credentials and all renewals of existing credentials, States
are required to collect and transmit to the ASC the modified Registry
fee of $40 in order for a credential to be reflected on the National
Registry.
For States that issue multi-year certifications or licenses that do
not require renewal in 2012, the modified Registry fee is due to the
ASC on the date that the credential is renewed by the State. For
example, if a State remitted $50 to the ASC in 2011 for a two-year
certification, the ASC would accept the amount as payment in full of
the annual Registry fee for calendar years 2011 and 2012. The State
would not have to collect the $15 difference in the Registry fee amount
for 2012. Upon
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renewal of the two-year credential in 2013, the State would be required
to remit $80 to the ASC in order for the appraiser to remain on the
National Registry in 2013 and 2014.
From the ASC's Web site (http://www.asc.gov), the public can access
the National Registry for information on a credentialed appraiser.
Certain personal information about an individual appraiser is protected
by the Privacy Act, 5 U.S.C. 552a, and is not available to the public.
By the Appraisal Subcommittee.
Dated: October 20, 2010.
Deborah S. Merkle,
Chairman.
[FR Doc. 2010-27054 Filed 10-25-10; 8:45 am]
BILLING CODE 6700-01-P