Section 1-208 - Real estate appraisal policies.
§ 1-208. Real estate appraisal policies.
(a) Development and implementation.- 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) Appraiser qualifications.- 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) Review by Commissioner.- Prior to implementation, a financial institution shall submit its real estate appraisal policies and procedures to the Commissioner for review and approval.
[1999, ch. 523.]