12-U.S.C.-3355
§3355 – Broker Price Opinions
Pathway
Title 12 > Chapter 34A > Section 3355
Details
- Reference: Section 3355
- Legend: §3355 – Broker Price Opinions
- USCode Year: 2013
Provision Content
(a) General prohibition
In conjunction with the purchase of a consumers principal dwelling, broker price opinions may not be used as the primary basis to determine the value of a piece of property for the purpose of a loan origination of a residential mortgage loan secured by such piece of property.
(b) Broker price opinion defined
For purposes of this section, the term broker price opinion means an estimate prepared by a real estate broker, agent, or sales person that details the probable selling price of a particular piece of real estate property and provides a varying level of detail about the propertys condition, market, and neighborhood, and information on comparable sales, but does not include an automated valuation model, as defined in section 3354(c) of this title.
(Pub. L. 101–73, title XI, §1126, as added Pub. L. 111–203, title XIV, §1473(r), July 21, 2010, 124 Stat. 2198.)
References in Text
Section 3354(c) of this title, referred to in subsec. (b), probably means section 3354(d) of this title, which defines automated valuation model.
Effective Date
Section effective on the date on which final regulations implementing such section take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-3345 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-3345, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-3354 in the Legal Encyclopedia: Credit Institutions
In this entry about 12-U.S.C.-3354, find legal reference material, bibliographies and premiere content related to credit institutions in the American Encyclopedia of Law, presenting a comprehensive view of the United States credit institutions-specific issues, written by authorities in the field.
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