1. Short title This Act may be cited as the Appraisal Reform Act of 2019 . 2. Annual registry fees for appraisal management companies Subparagraph (B) of section 1109(a)(4) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3338(a)(4)(B) ) is amended— (1) in clause (ii), by striking the period at the end and inserting a semicolon; and (2) by inserting after and below clause (ii) the following: except that if the Appraisal Subcommittee determines that the fees established under clause (i) or (ii) result in adverse consequences or are otherwise not appropriately tailored to meet the goals of this paragraph, the Appraisal Subcommittee may establish a new formula for fees, which new formula may not take effect until the Appraisal Subcommittee submits a report to the Congress justifying its decision to establish such a new formula, setting forth the new formula, and explaining how the new formula will affect such fees. . 3. Trainee appraisers (a) Maintenance on national registry Paragraph (3) of section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3332(a)(3) ) is amended by striking and licensed and inserting , licensed, and trainee . (b) Annual registry fees Subparagraph (A) of section 1109(a)(4) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3338(a)(4)(A) ) is amended— (1) by inserting including trainee appraisers, after transactions, ; (2) by inserting except that the Appraisal Subcommittee may, in its discretion, charge a fee for trainee appraisers not exceeding $20 after $40, ; and (3) by inserting before the semicolon the following: