Consideration of Extenuating Circumstances for Implementation of Modification of Annual National Registry Fee
Under authority in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), the ASC approved a modification of the annual National Registry fee to $40 from the current $25 amount at its meeting on October 13, 2010. The ASC raised the National Registry Fee to support its supervisory activities, including additional authority under the Dodd-Frank Act (see Bulletin 10-1, Modification of Annual National Registry Fee, 75 FR 65629, October 26, 2010). In the event a State encounters difficulty with implementing the modified National Registry fee by January 1, 2012, the State must notify the ASC no later than October 31, 2011. The ASC will consider a State's request for an extension of the effective date of the modified National Registry fee when extenuating circumstances prevent compliance and the State has acted in good faith to implement any actions necessary for achieving compliance. Extenuating circumstances include, but are not limited to, the following: The State was not able to enact necessary legislation or promulgate a rulemaking to implement the modified National Registry fee by January 1, 2012. The State could not exercise emergency or temporary authority, if any, to pass legislation or promulgate a rulemaking to implement the modified National Registry fee by January 1, 2012. The funds remitted by the State to the ASC to pay the modified National Registry fee would come from a source other than the credentialed appraiser. States must ensure that any request for an extension contains sufficient detail regarding the State's efforts to achieve compliance to date, and the extenuating circumstances that will prevent compliance.
Statutory Provisions Affecting State Appraiser Regulatory Programs
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) contains a number of provisions addressing the authority of the Appraisal Subcommittee (ASC) and requirements for States' appraiser regulatory programs. The ASC is issuing Bulletin No. 2011-01 to provide information to the State appraiser regulatory officials on certain changes to the ASC's review process for monitoring State Appraiser Regulatory Programs which will be implemented July 1, 2011, and the statutory provisions that States must implement by July 1, 2013. To provide sufficient time for States to amend their rules, regulations, or operating procedures, the ASC is providing States with a two-year implementation period for requirements addressed in the bulletin.
Determination Regarding National Appraisal Complaint Hotline
Pursuant to section 1473(p) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Act), the Appraisal Subcommittee (ASC) has determined that no one national hotline presently exists that fully complies with the Act. The determination was made on January 12, 2011, during the ASC's open meeting. In making this determination, the ASC initiated a project to study the establishment and operation of a national appraisal complaint hotline as required by the Act.