[Federal Register Volume 59, Number 85 (Wednesday, May 4, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-10619]
Federal Register / Vol. 59, No. 85 / Wednesday, May 4, 1994 /
[[Page Unknown]]
[Federal Register: May 4, 1994]
VOL. 59, NO. 85
Wednesday, May 4, 1994
DEPARTMENT OF AGRICULTURE
Farmers Home Administration
7 CFR Parts 1941, 1943, and 1945
RIN 0575-AB30
Final Implementation of Appraisal of Farms and Leasehold Interests
AGENCY: Farmers Home Administration, USDA.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Farmers Home Administration (FmHA) amends its farm tract
appraisal regulations in order to implement and conform to the
provisions of the Financial Institutions Reform, Recovery, and
Enforcement Act (FIRREA) of 1989. The intended effect of this rule is
to meet the provisions of title XI of FIRREA and the Uniform Standards
of Professional Appraisal Practice (USPAP) as directed from the Office
of Management and Budget (OMB Bulletin A-129).
EFFECTIVE DATE: May 4, 1994.
FOR FURTHER INFORMATION CONTACT: Ronald T. Thelen, Senior Loan Officer,
Program Development Staff, USDA, FmHA, room 4918-S, South Building,
Washington, DC 20250, telephone: (202) 720-0830.
SUPPLEMENTARY INFORMATION:
Classification
We are issuing this final rule in conformance with Executive Order
12866, and we have determined that it is not a ``significant regulatory
action.'' Based on information compiled by the Department, we have
determined that this final rule: (1) Would have an effect on the
economy of less than $100 million; (2) would not adversely affect in a
material way the economy, a sector of the economy, productivity,
competition, jobs, the environment, public health or safety, or State,
local, or tribal governments or communities; (3) would not create a
serious inconsistency or otherwise interfere with an action taken or
planned by another agency; (4) would not alter the budgetary impact of
entitlements, grants, user fees, or loan programs or rights and
obligations or recipients thereof; and (5) would not raise novel legal
or policy issues arising out of legal mandates, the President's
priorities, or principles set forth in Executive Order 12866.
Intergovernmental Consultation
For the reasons set forth in the final rule related to Notice, 7
CFR part 3015, subpart V (48 FR 29115, June 24, 1983), this program/
activity is excluded from the scope of Executive Order 12372, which
requires intergovernmental consultation with State and local officials.
Programs Affected
This program/activity affects the following FmHA programs as listed
in the Catalog of Federal Domestic Assistance:
10.406--Farm Operating Loans,
10.407--Farm Ownership Loans, and
10.416--Soil and Water Loans.
Environmental Impact Statement
This document has been reviewed in accordance with 7 CFR part 1940,
subpart G, ``Environmental Program.'' It is the determination of FmHA
that this action does not constitute a major Federal action
significantly affecting the quality of the human environment, and in
accordance with the National Environmental Policy Act of 1969, Public
Law 91-190, an Environmental Impact Statement is not required.
Discussion of Final Rule
On August 25, 1993, FmHA published an interim rule which removed 7
CFR part 1809, subpart A, ``Appraisal of Farms and Leasehold
Interests,'' from the Federal Register. It also did the following: (1)
Revised and renumbered part 1809 to FmHA Instruction 1922, subpart E--
``Appraisal of Farms and Leasehold Interests.''; (2) Issued revised
Sec. 1922.201 ``General'' (old Sec. 1809.1 ``General'') and (3) Issued
new Sec. 1922.209 ``Easements and appraising property subject to
easements.''
Other Secs. 1809.2 through 1809.8 of subpart A were amended to meet
USPAP and placed in Secs. 1922.202 through 1922.208 of FmHA Instruction
1922-E. Sections 1922.202 through 1922.208 were not published in the
Federal Register because they involve internal Agency management.
These changes were implemented upon publication in the Federal
Register in order to provide immediate guidance to FmHA designated farm
real estate appraisers and FmHA contract farm real estate appraisers
concerning the use of the uniform standards as set out in Sections I,
II and III of USPAP. This action was necessary because most States
enacted legislation and implemented FIRREA on January 1, 1993, and
required farm real estate appraisers to follow uniform appraisal
standards or Sections I, II and III of USPAP. Further delays by FmHA
would have had an adverse impact on FmHA borrowers and loan applicants
due to delays which may have resulted from the continued use of
outdated farm appraisal techniques and methods.
The comment period ended September 24, 1993. No comments were
received. Accordingly, no substantive change is made from the interim
rule. Minor editorial changes of an administrative nature have been
made. Inadvertently, a few FmHA Instructions were overlooked when
revising references from FmHA Instruction 422.1 to FmHA Instruction
1922-E.
List of Subjects in 7 CFR Parts 1941, 1943, and 1945
Agriculture, Credit, Crops, Disaster assistance, Livestock, Loan
programs-- agriculture, Recreation, Real property--appraisals, Rural
areas, Water resources, Youth.
Therefore, Chapter XVIII, title 7, Code of Federal Regulations is
amended as follows:
PARTS 1941, 1943, 1945--[AMENDED]
1. The authority citations for parts 1941, 1943, 1945 continue to
read as follows:
Authority: 7 U.S.C. 1989; 5 U.S.C. 301; 7 CFR 2.23 and 2.70.
Authority: 7 U.S.C. 1989; 42 U.S.C. 1480; 5 U.S.C. 301; 7 CFR
2.23; 7 CFR 2.70.
CHAPTER XVIII--[AMENDED]
2. 7 CFR Chapter XVIII is amended by revising the reference ``FmHA
Instruction 422.1'' to read ``FmHA Instruction 1922-E'' in the
following places:
a. Sec. 1941.19 (b)(2).
b. Sec. 1943.19 (b)(1).
c. Sec. 1943.69 (b)(1).
d. Sec. 1945.169 (b)(1).
Dated: February 1, 1994.
Bob Nash,
Under Secretary for Small Community and Rural Development.
[FR Doc. 94-10619 Filed 5-3-94; 8:45 am]
BILLING CODE 3410-07-U
