Real Estate Appraisal Exceptions in Major Disaster Areas
other · OCC · Rule · Published 2005-10-14 · Effective 2005-10-14 · 70 FR 59987
Document
Document number
05-20583
Federal Register citation
70 FR 59987
CFR reference
12 CFR 34
Type
Rule
Action
Statement and Order; temporary exceptions.
Category
other
Sub-agency
OCC
Publication date
2005-10-14
Effective date
2005-10-14
Abstract
Section 2 of the Depository Institutions Disaster Relief Act of 1992 (DIDRA) authorizes the Agencies to make exceptions to statutory and regulatory requirements relating to appraisals for certain transactions. The exceptions are available for transactions that involve real property in major disaster areas when the exceptions would facilitate recovery from the disaster and would be consistent with safety and soundness. In this notice, the Agencies grant exceptions for certain real estate-related transactions in areas affected by Hurricanes Katrina and Rita. The expiration dates for the exceptions are set out in the SUPPLEMENTARY INFORMATION section.