Home Table of Contents

§ 1-208. Written policies and procedures

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 1. Definitions; General Provisions
Subtitle 2. General Provisions (Refs & Annos)
MD Code, Financial Institutions, § 1-208
§ 1-208. Written policies and procedures
Currentness
In general
(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.
Factors to be considered by financial institution’s directors and officers
(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.
Submission of policies and procedures for review and approval
(c) Prior to implementation, a financial institution shall submit its real estate appraisal policies and procedures to the Commissioner for review and approval.

Credits

Added by Acts 1999, c. 523, § 1, eff. Oct. 1, 1999.
MD Code, Financial Institutions, § 1-208, MD FIN INST § 1-208
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