State credentialed trainees

(a) Maintenance on national registry Section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3332(a)) is amended— (1) in paragraph (3)— (A) by inserting and State credentialed trainee appraisers after licensed appraisers; and (B) by striking and at the end; (2) by striking paragraph (4); (3) by redesignating paragraphs (5) and (6) as paragraphs (4) and (5), respectively; and (4) in paragraph (4), as so redesignated— (A) by striking year. The report shall also detail and inserting year, details; (B) by striking provide and inserting provides; and (C) by striking the period at the end and inserting; and. (b) Annual registry fees (1) In general Section 1109 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3338) is amended— (A) in the section heading, by striking or licensed and inserting, licensed, and credentialed trainee; and (B) in subsection (a)— (i) in paragraph (1), by inserting, and in the case of a State with a supervisory or trainee program, a roster listing individuals who have received a State trainee credential after this title; and (ii) by striking paragraph (2) and inserting the following: (2) transmit reports on the issuance and renewal of licenses, certifications, credentials, sanctions, and disciplinary actions, including license, credential, and certification revocations, on a timely basis to the national registry of the Appraisal Subcommittee;. (2) Rule of construction Nothing in the amendments made by subparagraph (A) shall require a State to establish or operate a program for State credentialed trainee appraisers, as defined in paragraph (12) of section 1121 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as added by subsection (d) of this section. (c) Transactions requiring the services of a State certified appraiser Section 1113 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3342) is amended— (1) by striking In determining and inserting (a) In general.—In determining; and (2) by adding at the end the following: (b) Use of State credentialed trainee appraisers In performing an appraisal under this section, a State certified appraiser may use the assistance of a State credentialed trainee appraiser or an unlicensed trainee appraiser, except that a State certified appraiser assisted by a trainee shall be liable for final work.. (d) Definition Section 1121 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350) is amended by adding at the end the following: (12) State credentialed trainee appraiser The term State credentialed trainee appraiser means an individual who— (A) meets the minimum criteria established by the Appraiser Qualification Board for a trainee appraiser credential; and (B) is credentialed by a State appraiser certifying and licensing agency..