25 USC 5635 – Appraisals and valuations
(a) In general
Notwithstanding section 5634 of this title, not later than 18 months after June 22, 2016, the Secretary, in consultation with Indian tribes and tribal organizations, shall ensure that appraisals and valuations of Indian trust property are administered by a single bureau, agency, or other administrative entity within the Department.
(b) Minimum qualifications
Terms Used In 25 USC 5635
- Appraisal: A determination of property value.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Not later than 1 year after June 22, 2016, the Secretary shall establish and publish in the Federal Register minimum qualifications for individuals to prepare appraisals and valuations of Indian trust property.
(c) Secretarial approval
In any case in which an Indian tribe or Indian beneficiary submits to the Secretary an appraisal or valuation that satisfies the minimum qualifications described in subsection (b), and that submission acknowledges the intent of the Indian tribe or beneficiary to have the appraisal or valuation considered under this section, the appraisal or valuation—
(1) shall not require any additional review or approval by the Secretary; and
(2) shall be considered to be final for purposes of effectuating the transaction for which the appraisal or valuation is required.