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§ 11-624. Payments, threats, or promises to influence mortgages or loan applications prohibited

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2011

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 6. Mortgage Loan Originators (Refs & Annos)
Effective: October 1, 2011
MD Code, Financial Institutions, § 11-624
§ 11-624. Payments, threats, or promises to influence mortgages or loan applications prohibited
In general
(a) A person subject to this subtitle may not, in connection with a mortgage loan or loan application:
(1) Make a payment, threat, or promise, directly or indirectly, to another person for the purpose of influencing the person to violate any federal or State law, or any standard of professional practice recognized by the federal or State government; or
(2) Make a payment, threat, or promise, directly or indirectly, to an appraiser of residential real estate for the purpose of influencing the independent judgment of the appraiser with respect to the value of the residential real estate, or engage in any other act or practice that impairs or attempts to impair an appraiser's independence, objectivity, or impartiality, including:
(i) Withholding or threatening to withhold payment for an appraisal with the intent to coerce the appraiser to agree to a value, range of values, or minimum value for the residential real estate;
(ii) Conditioning the payment of an appraisal fee on the opinion, conclusion, or valuation to be reached by the appraiser; or
(iii) Requesting the appraiser to report a predetermined opinion, conclusion, or valuation.
Actions not in violation of section
(b) This section does not prohibit a person subject to this subtitle from:
(1) Requesting another person to:
(i) Consider additional appropriate information;
(ii) Provide additional details, substantiation, or explanation of a conclusion made by the other person; or
(iii) Correct errors in an appraisal report or other mortgage document; or
(2) Withholding payment for an appraisal pending resolution of an action before a federal or State court or licensing board relating to the appraisal.

Credits

Added by Acts 2011, c. 97, § 1, eff. Oct. 1, 2011.
MD Code, Financial Institutions, § 11-624, MD FIN INST § 11-624
Current through all legislation from the 2020 Regular Session of the General Assembly.
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