Us Code § 3507 - Appraisals
Full text of Us Code United States Code § 3507 — Appraisals, with citation guidance and answers to common questions.
§ 3507. Appraisals
(a) In general
For any transaction that requires approval of the Secretary and involves mineral or energy resources held in trust by the United States for the benefit of an Indian tribe or by an Indian tribe subject to Federal restrictions against alienation, any appraisal relating to fair market value of those resources required to be prepared under applicable law may be prepared by—
(1) the Secretary;
(2) the affected Indian tribe; or
(3) a certified, third-party appraiser pursuant to a contract with the Indian tribe.
(b) Secretarial review and approval
Not later than 45 days after the date on which the Secretary receives an appraisal prepared by or for an Indian tribe under paragraph (2) or (3) of subsection (a), the Secretary shall—
(1) review the appraisal; and
(2) approve the appraisal unless the Secretary determines that the appraisal fails to meet the standards set forth in regulations promulgated under subsection (d).
(c) Notice of disapproval
If the Secretary determines that an appraisal submitted for approval under subsection (b) should be disapproved, the Secretary shall give written notice of the disapproval to the Indian tribe and a description of—
(1) each reason for the disapproval; and
(2) how the appraisal should be corrected or otherwise cured to meet the applicable standards set forth in the regulations promulgated under subsection (d).
(d) Regulations
The Secretary shall promulgate regulations to carry out this section, including standards the Secretary shall use for approving or disapproving the appraisal described in subsection (a).
(Pub. L. 102–486, title XXVI, §2607, as added Pub. L. 115–325, title II, §204(a), Dec. 18, 2018, 132 Stat. 4463.)
CHAPTER 38—INDIAN TRIBAL JUSTICE SUPPORT
SUBCHAPTER I—TRIBAL JUSTICE SYSTEMS
SUBCHAPTER II—AUTHORIZATIONS OF APPROPRIATIONS
SUBCHAPTER III—DISCLAIMERS
About This Section
25 U.S.C. § 3507 is part of Title 25 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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