§ 16-5B-01. Definitions
West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: July 1, 2011
Effective: July 1, 2011
MD Code, Business Occupations & Professions, § 16-5B-01
§ 16-5B-01. Definitions
(b) “Appraisal management company” means a third party authorized by a creditor of a consumer credit transaction secured by a consumer's principal dwelling, or by an underwriter of or other principal in the secondary mortgage markets, that directly or indirectly provides appraisal management services in connection with valuing properties collateralizing mortgage loans or mortgages incorporated in a securitization.
(c)(1) “Appraisal review” means the act of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraiser assignment.
(d) “Appraiser” means a licensed real estate appraiser or a certified real estate appraiser.
(e) “Appraiser panel” means a network of licensed or certified appraisers who are independent contractors to the appraisal management company.
(f) “Competent appraiser” means an appraiser that satisfies each provision of the competency rule of the Uniform Standards of Professional Practice for a specific appraisal assignment that the appraiser has received, or may receive, from an appraisal management company.
(g) “Controlling person” means:
(h) “Provide appraisal management services” means to, directly or indirectly, on behalf of a lender, financial institution, client, or other person in conjunction with a consumer credit transaction that is secured by a consumer's primary dwelling:
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-01, MD BUS OCCUP & PROF § 16-5B-01
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.
End of Document |