Appraisal Subcommittee of the Federal Financial Institutions Examination Council--Treatment of Multiple-Year Registry Fees Collected By States
B-279866.2: Nov 3, 1998
- Full Report:
Federal law requires state agencies only to collect and transmit registry fees to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council on an annual basis; however, some states certify and license appraisers and collect related fees for more than one year. ASC asked GAO whether multiyear registry fees collected by state agencies are federal funds that the agencies must promptly transmit to ASC.
GAO determined that whether state agencies collect registry fees from appraisers for more than 1 year and hold or transmit the fees for other than the current year is a matter of state law governing the agency's regulation of appraisers under its jurisdiction.