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The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 1474
SEC. 1474. EQUAL CREDIT OPPORTUNITY ACT
AMENDMENT.
Subsection (e) of section 701 of the
Equal Credit Opportunity Act (15 U.S.C. 1691) is amended to read
as follows:
‘‘(e) COPIES FURNISHED TO
APPLICANTS.—
‘‘(1) IN GENERAL.—Each creditor shall
furnish to an applicant a copy of any and all written appraisals
and valuations developed in connection with the applicant’s
application for a loan that is secured or would have been secured
by a first lien on a dwelling promptly upon completion, but in no
case later than 3 days prior to the closing of the loan, whether
the creditor grants or denies the applicant’s request for credit
or the application is incomplete or withdrawn.
‘‘(2)
WAIVER.—The applicant may waive the 3
day requirement 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 creditor
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 application, 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.’’.
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