WILLIAM DONALD SCHAEFER, Governor Ch. 777

CHAPTER 777

(Senate Bill 281)

AN ACT concerning

Financial Institutions - Appraisals and Appraisers

FOR the purpose of requiring the Bank Commissioner, Director of

the Division of Savings and Loan Associations, and

Commissioner of Consumer Credit to develop and implement
minimum safety and soundness standards for real estate
appraisals and appraisers; and repealing a provision that
authorized, but did not require, the Director of the

Division of Savings and Loan Associations to adopt

regulations regarding appraisers and appraisals certain
financial institutions, savings and loan associations, and
institutions licensed under Titles 11 and 12 of the
Financial Institutions Article to develop and implement
certain real estate appraisal policies and procedures by a
certain date; requiring that certain policies and procedures
shall set forth certain factors to be considered by the
directors and officers of certain financial institutions;
requiring that these policies and procedures be reviewed and
considered for approval by the Bank Commissioner, the
Director of the Division of Savings and Loan Associations,
or the Commissioner of Consumer Credit; and generally
relating to real estate appraisal policies and procedures.

BY renumbering

Article - Financial Institutions

Section 8-303(c), (d), (e), and (f), respectively

to be Section 8-303(d), (e), (f), and (g) 8-303(f), (g),

(h), and (i), respectively
Annotated Code of Maryland
(1986 Replacement Volume and 1988 Supplement)

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 2-110, 8-303(b), and 11-105

Annotated Code of Maryland

(1986 Replacement Volume and 1988 Supplement)

BY adding to

Article - Financial Institutions

Section 8-303(e) 8-303(c), (d), and (e)

Annotated Code of Maryland

(1986 Replacement Volume and 1988 Supplement)

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