Page:United States Statutes at Large Volume 124.djvu/2224

124 STAT. 2198 PUBLIC LAW 111–203—JULY 21, 2010 or other appropriate legal authorities. For complaints referred to State appraiser certifying and licensing agencies or to Federal regu- lators, the Appraisal Subcommittee shall have the authority to follow up such complaint referrals in order to determine the status of the resolution of the complaint.’’. (q) AUTOMATED VALUATION MODELS.—Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.), as amended by this section, is amended by adding at the end the following new section (and amending the table of contents accordingly): ‘‘SEC. 1125. AUTOMATED VALUATION MODELS USED TO ESTIMATE COLLATERAL VALUE FOR MORTGAGE LENDING PUR- POSES. ‘‘(a) IN GENERAL.—Automated valuation models shall adhere to quality control standards designed to— ‘‘(1) ensure a high level of confidence in the estimates produced by automated valuation models; ‘‘(2) protect against the manipulation of data; ‘‘(3) seek to avoid conflicts of interest; ‘‘(4) require random sample testing and reviews; and ‘‘(5) account for any other such factor that the agencies listed in subsection (b) determine to be appropriate. ‘‘(b) ADOPTION OF REGULATIONS.—The Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, the Federal Housing Finance Agency, and the Bureau of Consumer Financial Protection, in consultation with the staff of the Appraisal Subcommittee and the Appraisal Standards Board of the Appraisal Foundation, shall promulgate regulations to implement the quality control standards required under this section. ‘‘(c) ENFORCEMENT.—Compliance with regulations issued under this subsection shall be enforced by— ‘‘(1) with respect to a financial institution, or subsidiary owned and controlled by a financial institution and regulated by a Federal financial institution regulatory agency, the Federal financial institution regulatory agency that acts as the primary Federal supervisor of such financial institution or subsidiary; and ‘‘(2) with respect to other participants in the market for appraisals of 1-to-4 unit single family residential real estate, the Federal Trade Commission, the Bureau of Consumer Finan- cial Protection, and a State attorney general. ‘‘(d) AUTOMATED VALUATION MODEL DEFINED.—For purposes of this section, the term ‘automated valuation model’ means any computerized model used by mortgage originators and secondary market issuers to determine the collateral worth of a mortgage secured by a consumer’s principal dwelling.’’. (r) BROKER PRICE OPINIONS.—Title XI of the Financial Institu- tions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.), as amended by this section, is amended by adding at the end the following new section (and amending the table of contents accordingly): ‘‘SEC. 1126. BROKER PRICE OPINIONS. ‘‘(a) GENERAL PROHIBITION.—In conjunction with the purchase of a consumer’s principal dwelling, broker price opinions may not be used as the primary basis to determine the value of a piece 12 USC 3355. 12 USC 3354.