Ch. 777

LAWS OF MARYLAND

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 8-303(c), (d), (e), and (f),
respectively, of Article - Financial Institutions of the
Annotated Code of Maryland be renumbered to be Section(s)
8-303(d), (e), (f), and (g) 8-303(f), (g), (h), and (i),
respectively.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article - Financial Institutions

2-110.

(a)  The Bank Commissioner and deputy bank commissioner
shall devote full time to their duties.

(b)   The Bank Commissioner and deputy bank commissioner may
not:

(1)  Be an officer or director of any State banking
institution or national banking association; or

(2)  Engage in any other business relating to banks
and financial institutions.

(C) THE BANK COMMISSIONER SHALL DEVELOP AND IMPLEMENT
MINIMUM SAFETY AND SOUNDNESS STANDARDS FOR REAL ESTATE APPRAISALS
AND APPRAISERS.

(C)  DIRECTORS AND OFFICERS OF FINANCIAL INSTITUTIONS SHALL
DEVELOP AND IMPLEMENT, BY DECEMBER 31, 1989, WRITTEN:

(1)  REAL ESTATE APPRAISAL POLICIES; AND

(2)  PROCEDURES PERTAINING TO THE HIRING AND
PERFORMANCE OF REAL ESTATE APPRAISERS.

(D)  THE PROCEDURES REQUIRED UNDER SUBSECTION (C)(2) OF THIS
SECTION SHALL SET FORTH SPECIFIC FACTORS TO BE CONSIDERED BY THE
FINANCIAL INSTITUTION'S DIRECTORS AND OFFICERS, INCLUDING BUT NOT
LIMITED TO THE REAL ESTATE APPRAISER'S:

(1) PROFESSIONAL EDUCATION;

(2) EXPERIENCE IN REAL ESTATE APPRAISING; AND

(3) MEMBERSHIP IN PROFESSIONAL APPRAISAL

ORGANIZATIONS.

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