§ 16-5B-03. Registration required before providing appraisal management services
West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: July 1, 2011
Effective: July 1, 2011
MD Code, Business Occupations & Professions, § 16-5B-03
§ 16-5B-03. Registration required before providing appraisal management services
(a) A person shall register with the Commission before the person:
(b) The registration required under subsection (a) of this section shall include:
(6) a certification that the person seeking registration will verify that a person being added to the appraiser panel of the appraisal management company holds an appropriate license or certification in good standing in the State under this subtitle for the purpose of performing real estate appraisals;
(8) a certification that the person seeking registration will require appraisals to be conducted independently as required by the appraisal independence standards under Section 129E of the Truth in Lending Act, including the requirements of payment of a reasonable and customary fee to appraisers when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer;
(c) If the registration process required under subsection (a) of this section has not been established as of the effective date of this subtitle, an appraisal management company may, without being registered under this subtitle, continue to provide appraisal management services in accordance with this subtitle for 120 days after a registration process becomes available.
(d) An appraisal management company that has submitted a complete application for registration under subsection (b) of this section may continue to provide appraisal management services in accordance with this subtitle until the Commission makes a final decision to approve or deny the company's application for registration under this subtitle.
Credits
Added by Acts 2011, c. 269, § 1, eff. July 1, 2011; Acts 2011, c. 270, § 1, eff. July 1, 2011.
MD Code, Business Occupations & Professions, § 16-5B-03, MD BUS OCCUP & PROF § 16-5B-03
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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