|Action Summary||Regulations currently define USPAP to be “the 2016-2017 edition of those standards promulgated by the Appraisal Standards Board of the Appraisal Foundation for use by all appraisers in the preparation of appraisal reports.” The ASB updates USPAP every two years and has issued the 2018-2019 Edition, which is effective from January 1, 2018, through December 31, 2019. Because the Board’s regulatory definition references a now outdated edition of USPAP, this exempt action is necessary to update 18 VAC 130-20-10 to define USPAP as the 2018-2019 edition.|
|Chapters Affected||Only affects this chapter.|
|Exempt from APA||Yes, this action is exempt from the Administrative Process Act. The normal executive branch review process is not required. Exempt Citation: Section 2.2-4006(A)(4)(c)|
|RIS Project||Yes |
Is Federal action a driving factor in this regulatory change? If so, please provide a specific reference to the law, regulation
or court case.
Section 1110 [12 U.S.C. 3339] of Title XI of FIRREA requires compliance with USPAP.
|Note||This action is not intended to satisfy the requirement that an entire regulation be reviewed every 4 years.|
|Name / Title:||Christine Martine / Executive Director|
9960 Mayland Drive, Suite 400
Richmond, VA 23233
|Phone:||(804)367-8552 FAX: (804)527-4298 TDD: ()-|