Section 1-208 - Real estate appraisal policies. - Maryland Statutes

§ 1-208. Real estate appraisal policies.
 

(a)  Development and implementation.- The directors and officers of a financial institution shall develop and implement written: 

(1) Policies governing real estate appraisal; and 

(2) Procedures governing the hiring and performance of real estate appraisers. 

(b)  Appraiser qualifications.- The procedures required under subsection (a) (2) of this section shall set forth specific factors to be considered by the financial institution's directors and officers, including: 

(1) Whether the appraiser is licensed or certified under the Business Occupations and Professions Article; and 

(2) The real estate appraiser's: 

(i) Professional education; and 

(ii) Experience in real estate appraising. 

(c)  Review by Commissioner.- Prior to implementation, a financial institution shall submit its real estate appraisal policies and procedures to the Commissioner for review and approval. 
 

[1999, ch. 523.]