105 STAT. 1792 PUBLIC LAW 102-233—DEC. 12, 1991 entered into by the Corporation before the date of the enactment of this Act. TITLE VII—APPRAISAL AMENDMENTS SEC. 701. REAL ESTATE APPRAISALS. (a) CERTIFICATION AND LICENSING REQUIREMENTS.—Section 1116 of the.Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3345) is amended by adding at the end the following new subsection: " (e) AUTHORITY OF THE APPRAISAL SUBCOMMITTEE. — The Appraisal Subcommittee shall not set qualifications or experience requirements for the States in licensing real estate appraisers. Recommendations of the Subcommittee shall be nonbinding on the States. (b) USE OF STATE CERTIFIED AND STATE LICENSED APPRAISERS. — (1) EFFECTIVE DATE FOR USE.— Section 1119(a)(1) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. 3348(a)(1)) is amended by striking "July 1, 1991" and inserting "December 31, 1992". (2) EXTENSION OF EFFECTIVE DATE.—Section 1119(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3348(b)) is amended- (A) in the first sentence, by striking "leading to inordinate delays" and inserting ", or in any geographical political subdivision of a State, leading to significant delays"; and (B) in the second sentence, by striking "inordinate" and inserting "significant". Approved December 12, 1991. LEGISLATIVE HISTORY—H.R. 3435: HOUSE REPORTS: No. 102-358, Pts. 1 and 2 (Ctomm. on Banking, Finance and Urban Affairs). CONGRESSIONAL RECORD, Vol. 137 (1991): Nov. 26, considered and passed House. Nov. 27, considered and passed Senate. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 27 (1991): Dec. 12, Presidential statement.
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