124 STAT. 2191 PUBLIC LAW 111–203—JULY 21, 2010 (c) OPEN MEETINGS.—Section 1104(b) of the Financial Institu- tions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3333(b)) is amended— (1) by inserting ‘‘in public session after notice in the Federal Register, but may close certain portions of these meetings related to personnel and review of preliminary State audit reports,’’ after ‘‘shall meet’’; and (2) by adding after the final period the following: ‘‘The subject matter discussed in any closed or executive session shall be described in the Federal Register notice of the meeting.’’. (d) REGULATIONS.—Section 1106 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3335) is amended— (1) by inserting ‘‘prescribe regulations in accordance with chapter 5 of title 5, United States Code (commonly referred to as the Administrative Procedures Act) after notice and oppor- tunity for comment,’’ after ‘‘hold hearings’’; and (2) at the end by inserting ‘‘Any regulations prescribed by the Appraisal Subcommittee shall (unless otherwise provided in this title) be limited to the following functions: temporary practice, national registry, information sharing, and enforce- ment. For purposes of prescribing regulations, the Appraisal Subcommittee shall establish an advisory committee of industry participants, including appraisers, lenders, consumer advocates, real estate agents, and government agencies, and hold meetings as necessary to support the development of regulations.’’. (e) APPRAISAL REVIEWS AND COMPLEX APPRAISALS.— (1) SECTION 1110.—Section 1110 of the Financial Institu- tions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3339) is amended— (A) in paragraph (1), by striking ‘‘and’’; (B) in paragraph (2), by striking the period at the end and inserting ‘‘; and’’; and (C) by inserting after paragraph (2) the following: ‘‘(3) that such appraisals shall be subject to appropriate review for compliance with the Uniform Standards of Profes- sional Appraisal Practice.’’. (2) SECTION 1113.—Section 1113 of the Financial Institu- tions and Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3342) is amended by inserting before the period the following: ‘‘, where a complex 1-to-4 unit single family residen- tial appraisal means an appraisal for which the property to be appraised, the form of ownership, the property characteris- tics, or the market conditions are atypical’’. (f) APPRAISAL MANAGEMENT SERVICES.— (1) SUPERVISION OF THIRD PARTY PROVIDERS OF APPRAISAL MANAGEMENT SERVICES.—Section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3332(a)) (as previously amended by this section) is amended— (A) by amending paragraph (1) to read as follows: ‘‘(1) monitor the requirements established by States— ‘‘(A) for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of profes- sional responsibility; and Definition. Establishment.
