Portal for Appraisal Licensing Act of 2023

I 118TH CONGRESS 1ST SESSION H. R. 2771 To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to establish a Portal for Appraiser Credentialing and AMC Registration Information, and for other purposes. IN THE HOUSE OF REPRESENTATIVES APRIL 20, 2023 Mr. LOUDERMILK (for himself, Mr. KUSTOFF, Mr. GOTTHEIMER, and Mr. TORRES of New York) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to establish a Portal for Ap- praiser Credentialing and AMC Registration Information, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Portal for Appraisal 4 Licensing Act of 2023’’. 5 VerDate Sep 11 2014 22:13 Apr 26, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2771.IH H2771 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 2771 IH SEC. 2. PORTAL FOR APPRAISER CREDENTIALING AND 1 AMC REGISTRATION INFORMATION. 2 Section 1103 of the Financial Institutions Reform, 3 Recovery, and Enforcement Act of 1989 (12 U.S.C. 3332) 4 is amended— 5 (1) in subsection (a)— 6 (A) in paragraph (3), by striking ‘‘and’’ at 7 the end; 8 (B) in paragraph (4), by striking the pe- 9 riod on the end and inserting a semicolon; 10 (C) in paragraph (5)— 11 (i) by striking ‘‘. The report’’ and in- 12 serting ‘‘, and which’’; and 13 (ii) by striking the period on the end 14 and inserting a semicolon; 15 (D) in paragraph (6), by striking the pe- 16 riod on the end and inserting ‘‘; and’’; and 17 (E) by adding at the end the following: 18 ‘‘(7) establish and maintain the Portal for Ap- 19 praiser Credentialing and AMC Registration Infor- 20 mation described under subsection (c).’’; and 21 (2) by adding at the end the following: 22 ‘‘(c) PORTAL FOR APPRAISER CREDENTIALING AND 23 AMC REGISTRATION INFORMATION.— 24 ‘‘(1) IN GENERAL.—The Appraisal Sub- 25 committee shall establish and maintain a cloud- 26 VerDate Sep 11 2014 22:13 Apr 26, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2771.IH H2771 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 2771 IH based system to be called the ‘Portal for Appraiser 1 Credentialing and AMC Registration Information’ 2 (the ‘Portal’), which— 3 ‘‘(A) shall provide appraisers and appraisal 4 management companies a central depository for 5 license, certification, and registration applica- 6 tions and renewals; 7 ‘‘(B) shall provide connectivity with State 8 appraiser certifying and licensing agencies for 9 their access to all application and renewal infor- 10 mation, including completed qualifying and con- 11 tinuing education, experience logs, examination 12 results, background check information, where 13 applicable, and any other information the Ap- 14 praisal Subcommittee determines appropriate 15 (after consideration of any advice from the ad- 16 visory committee established under paragraph 17 (6)); 18 ‘‘(C) shall make available payment of all li- 19 cense, certification, and registration fees and 20 delivery of letters of good standing to State ap- 21 praiser certifying and licensing agencies; and 22 ‘‘(D) may utilize an existing platform, if 23 available. 24 ‘‘(2) BACKGROUND CHECKS.— 25 VerDate Sep 11 2014 22:13 Apr 26, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H2771.IH H2771 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 2771 IH ‘‘(A) ACCESS TO RECORDS.—Notwith- 1 standing any other provision of law, in pro- 2 viding appraisal functions, the Attorney General 3 shall provide access to all criminal history infor- 4 mation to the appropriate State officials respon- 5 sible for regulating State-licensed and State- 6 certified appraisers or appraisal management 7 companies to the extent criminal history back- 8 ground checks are required under the laws of 9 the State for the licensing or certification of 10 such appraisers and registering appraisal man- 11 agement companies. 12 ‘‘(B) AGENT.—For the purposes of this 13 paragraph and in order to reduce the points of 14 contact which the Federal Bureau of Investiga- 15 tion may have to maintain for purposes of sub- 16 paragraph (A), the Appraisal Subcommittee 17 may be used as a channeling agent of the 18 States for requesting and distributing informa- 19 tion between the Department of Justice and the 20 appropriate State agencies. 21 ‘‘(C) OTHER PERSONS REQUIRING A BACK- 22 GROUND CHECK.—To the extent FBI criminal 23 history background checks are required under 24 the laws of a State, appraisers and any other 25 VerDate Sep 11 2014 22:13 Apr 26, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H2771.IH H2771 kjohnson on DSK79L0C42PROD with BILLS 5 •HR 2771 IH person that may require such a background 1 check shall submit fingerprints to the Portal 2 and authorize the Appraisal Subcommittee to 3 process a criminal background check with the 4 Federal Bureau of Investigation. 5 ‘‘(D) TREATMENT OF BACKGROUND 6 CHECKS.—Background checks completed under 7 this paragraph shall satisfy any third-party 8 oversight requirements imposed by Federal fi- 9 nancial institutions regulatory agencies. 10 ‘‘(3) ADDITIONAL CONTENT INFORMATION.— 11 ‘‘(A) EDUCATION COURSES.—For purposes 12 of the education information maintained by the 13 Portal— 14 ‘‘(i) a State appraiser certifying and 15 licensing agency may notify the Portal of 16 which particular courses have been ap- 17 proved by the agency; and 18 ‘‘(ii) both education providers and 19 State appraiser certifying and licensing 20 agencies of States may submit to the Por- 21 tal lists of individuals who have completed 22 such courses. 23 ‘‘(B) UNIQUE IDENTIFIERS.—The Ap- 24 praisal Subcommittee shall use a unique identi- 25 VerDate Sep 11 2014 22:13 Apr 26, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H2771.IH H2771 kjohnson on DSK79L0C42PROD with BILLS 6 •HR 2771 IH fier to identify each individual who submits an 1 application through the Portal or otherwise 2 makes use of the Portal. The Appraisal Sub- 3 committee may also use a unique identifier to 4 identify each appraisal management company 5 that submits an application through the Portal 6 or otherwise makes use of the Portal. 7 ‘‘(4) NO EFFECT ON STATES’ RIGHTS.—States 8 shall retain the ability to act independently upon li- 9 cense, certification, and registration applications and 10 renewals for appraisers and appraisal management 11 companies. 12 ‘‘(5) TREATMENT OF FEES.—State credential- 13 ing fees and any State-specific information shall con- 14 tinue to be provided to States by appraisers and ap- 15 praisal management companies, but transmitted 16 through the Portal via a streamlined process and ap- 17 plication. 18 ‘‘(6) ADVISORY COMMITTEE.— 19 ‘‘(A) IN GENERAL.—The Appraisal Sub- 20 committee shall establish an advisory committee 21 to advise the Appraisal Subcommittee on the 22 establishment of the Portal. 23 ‘‘(B) MEMBERSHIP.—The advisory com- 24 mittee shall consist of representatives of indus- 25 VerDate Sep 11 2014 22:13 Apr 26, 2023 Jkt 039200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H2771.IH H2771 kjohnson on DSK79L0C42PROD with BILLS 7 •HR 2771 IH try associations, appraisers, lenders, appraisal 1 management companies, and State appraiser 2 certifying and licensing agencies, to be deter- 3 mined by the Appraisal Subcommittee. 4 ‘‘(7) FUNDING.— 5 ‘‘(A) USER FEES.—For the sole purpose of 6 paying for the cost of establishing and main- 7 taining the Portal and carrying out the back- 8 ground checks required under paragraph 9 (2)(A), the Appraisal Subcommittee may charge 10 a reasonable fee to individuals and appraisal 11 management companies making use of the Por- 12 tal. The fee shall be revenue neutral to the 13 costs of developing and maintaining the Portal. 14 ‘‘(B) STATE GRANTS.—The Appraisal Sub- 15 committee shall make grants available to State 16 appraiser certifying and licensing agencies, in 17 accordance with policies to be developed by the 18 Appraisal Subcommittee, to support the efforts 19 of such agencies to connect State systems with 20 the Portal.’’. 21 Æ VerDate Sep 11 2014 22:13 Apr 26, 2023 Jkt 039200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6301 E:\BILLS\H2771.IH H2771 kjohnson on DSK79L0C42PROD with BILLS