Article - Financial Institutions

1- 208.

(A) 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) 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) PRIOR TO IMPLEMENTATION, A FINANCIAL INSTITUTION SHALL SUBMIT
ITS REAL ESTATE APPRAISAL POLICIES AND PROCEDURES TO THE COMMISSIONER
FOR REVIEW AND APPROVAL.

2- 110.

(a) The Commissioner and Deputy Commissioner shall devote full time to
their duties.

(b) The Commissioner and Deputy Commissioner may not:

(1) Be an officer or director of any State banking institution or national
banking association, or in any entity engaged in the business of making loans; or

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

[(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: