About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 H.R. 3619, Appraisal Fee Transparency Act of 2019, as Passed by the House of Representatives on September 19, 2019 1 (October 31, 2019)

handle is hein.congrec/cboappfee0001 and id is 1 raw text is: ICongressional Budget Office Cost Estimate October 31, 2019 By Fiscal Year, Villons of Dollars 2020 20202024 20202029 Direct Spending (Outlays) 0 1 2 Revenues Deficit Effect 0 0 1 * 2 H.R. 3619 would authorize the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council to change annual registry fees paid by appraisal management companies-independent entities that supply appraisal services to mortgage lenders. (The ASC oversees states' licensing and certification of real estate appraisers and appraisal management companies.) The act would require the ASC to maintain a national registry of trainee appraisers and require states to collect a registry fee from those trainees. H.R 3619 also would require the Consumer Financial Protection Bureau (CFPB) to provide information about appraisal fees on standard mortgage disclosure forms and to add information about appraisal fees to its Integrated Disclosure Rule forms. Finally, the act would place a representative of the Department of Veteran Affairs on the ASC. Using information from the ASC, CBO estimates that the states would collect $200,000 a year, or $2 million over the 2020-2029 period, from trainee appraisers and would then transfer those funds to the Treasury. (Those transfers from the states would be recorded on the federal budget as revenues.) The ASC is authorized to spend those receipts without further appropriation to support its activities, which include making grants to state appraisal agencies. CBO estimates that the net effect on the deficit would be insignificant because the ASC would probably spend those receipts soon after they became available. Using information from the CFPB, CBO estimates that the agency would spend less than $500,000 to issue final rules to change its disclosure forms in 2020. See also CBO's Cost Estimates Explained, www.cbo.gov/pu bicationi54437; How CBO Prepares Cost Estimates, www cbo gov/publication/53519; and Glossary, www cbo.gov/publication/42904.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most