; (2) clearly set forth all of the specific requirements under section 202(g)(5) of the National Housing Act ( 12 U.S.C. 1708(g)(5) ), as amended by subsection (a), for approval to conduct appraisals under title II of such Act ( 12 U.S.C. 1707 et seq. ), which shall include— (A) providing that, before the effective date of the mortgagee letter or other guidance or regulations, a demonstration of competency and completion of training that meet the requirements under subparagraphs (A), (B), and (C) of such section 202(g)(5), as amended by subsection (a), shall be considered to fulfill the requirements under such subparagraphs; and (B) providing a method for appraisers to demonstrate such prior competency and completion; and (3) take effect not later than the date that is 180 days after the date on which the Secretary issues the mortgagee letter or other notice or regulations. 3. Annual registry fees for appraisal management companies Section 1109(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3338(a) ) is amended, in the matter following clause (ii) of paragraph (4)(B), by adding at the end the following: 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 functions of the Appraisal Subcommittee under this Act, the Appraisal Subcommittee may establish a new formula to decrease the amount of the fees. . 4. State credentialed trainee appraisers (a) Maintenance on national registry Section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3332(a) ) is amended— (1) in paragraph (3)— (A) by inserting and State credentialed trainee appraisers after licensed appraisers ; and (B) by striking and at the end; (2) by striking paragraph (4); (3) by redesignating paragraphs (5) and (6) as paragraphs (4) and (5), respectively