Annotated Code of Maryland

(1998 Replacement Volume and 1998 Supplement)

BY adding to

Article - Financial Institutions
Section 1-208, 3-405, and 4-505
Annotated Code of Maryland

(1998 Replacement Volume and 1998 Supplement)

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 2-110, 3-508, 5-206.1, 5-503, and 5-504
Annotated Code of Maryland

(1998 Replacement Volume and 1998 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

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.