124 STAT. 2200 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(2) WAIVER.—The applicant may waive the 3 day require- ment provided for in paragraph (1), except where otherwise required in law. ‘‘(3) REIMBURSEMENT.—The applicant may be required to pay a reasonable fee to reimburse the creditor for the cost of the appraisal, except where otherwise required in law. ‘‘(4) FREE COPY.—Notwithstanding paragraph (3), the cred- itor shall provide a copy of each written appraisal or valuation at no additional cost to the applicant. ‘‘(5) NOTIFICATION TO APPLICANTS.—At the time of applica- tion, the creditor shall notify an applicant in writing of the right to receive a copy of each written appraisal and valuation under this subsection. ‘‘(6) VALUATION DEFINED.—For purposes of this subsection, the term ‘valuation’ shall include any estimate of the value of a dwelling developed in connection with a creditor’s decision to provide credit, including those values developed pursuant to a policy of a government sponsored enterprise or by an automated valuation model, a broker price opinion, or other methodology or mechanism.’’. SEC. 1475. REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974 AMENDMENT RELATING TO CERTAIN APPRAISAL FEES. Section 4 of the Real Estate Settlement Procedures Act of 1974 is amended by adding at the end the following new subsection: ‘‘(c) The standard form described in subsection (a) may include, in the case of an appraisal coordinated by an appraisal management company (as such term is defined in section 1121(11) of the Finan- cial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350(11))), a clear disclosure of— ‘‘(1) the fee paid directly to the appraiser by such company; and ‘‘(2) the administration fee charged by such company.’’. SEC. 1476. GAO STUDY ON THE EFFECTIVENESS AND IMPACT OF VAR- IOUS APPRAISAL METHODS, VALUATION MODELS AND DISTRIBUTIONS CHANNELS, AND ON THE HOME VALU- ATION CODE OF CONDUCT AND THE APPRAISAL SUB- COMMITTEE. (a) IN GENERAL.—The Government Accountability Office shall conduct a study on— (1) the effectiveness and impact of— (A) appraisal methods, including the cost approach, the comparative sales approach, the income approach, and others that may be available; (B) appraisal valuation models, including licensed and certified appraisals, broker-priced opinions, and automated valuation models; and (C) appraisal distribution channels, including appraisal management companies, independent appraisal operations within mortgage originators, and fee-for-service appraisers; (2) the Home Valuation Code of Conduct; and (3) the Appraisal Subcommittee’s functions pursuant to title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. (b) STUDY.—Not later than— (1) 12 months after the date of enactment of this Act, the Government Accountability Office shall submit a study Deadline. 12 USC 2603.
