((a)) ** In general** The Appraisal Subcommittee shall monitor each State appraiser certifying and licensing agency for the purposes of determining whether such agency—
((1)) has policies, practices, funding, staffing, and procedures that are consistent with this chapter;
((2)) processes complaints and completes investigations in a reasonable time period;
((3)) appropriately disciplines sanctioned appraisers and appraisal management companies;
((4)) maintains an effective regulatory program; and
((5)) reports complaints and disciplinary actions on a timely basis to the national registries on appraisers and appraisal management companies maintained by the Appraisal Subcommittee.
((b)) ** Disapproval by Appraisal Subcommittee** The Federal financial institutions, regulatory agencies, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Resolution Trust Corporation shall accept certifications and licenses awarded by a State appraiser certifying the licensing agency unless the Appraisal Subcommittee issues a written finding that—
((1)) the State agency fails to recognize and enforce the standards, requirements, and procedures prescribed pursuant to this chapter;
((2)) the State agency is not granted authority or sufficient funding by the State which is adequate to permit the agency to carry out its functions under this chapter; or
((3)) decisions concerning appraisal standards, appraiser qualifications and supervision of appraiser practices are not made in a manner that carries out the purposes of this chapter.
((c)) ** Rejection of State certifications and licenses**
((1)) ** Opportunity to be heard or correct conditions** Before refusing to recognize a State’s appraiser certifications or licenses, the Appraisal Subcommittee shall provide that State’s certifying and licensing agency a written notice of its intention not to recognize the State’s certified or licensed appraisers and ample opportunity to provide rebuttal information or to correct the conditions causing the refusal.
((2)) ** Adoption of procedures** The Appraisal Subcommittee shall adopt written procedures for taking actions described in this section.
((3)) ** Judicial review** A decision of the subcommittee under this section shall be subject to judicial review.