Maine Revised Statutes Title 32 Sec. 14043 – License required
Current as of: 2023 | Check for updates
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1. License. A person shall obtain a license from the board before:
A. Directly or indirectly engaging or attempting to engage in business as an appraisal management company; [PL 2019, c. 501, §14 (AMD).]
B. Directly or indirectly performing or attempting to perform appraisal management services; or [PL 2017, c. 475, Pt. D, §1 (REEN).]
C. Advertising or holding the person out as engaging in or conducting business as an appraisal management company. [PL 2017, c. 475, Pt. D, §1 (REEN).]
[PL 2019, c. 501, §14 (AMD).]
Terms Used In Maine Revised Statutes Title 32 Sec. 14043
- Appraisal: A determination of property value.
- Appraisal management company: means a person that:
A. See Maine Revised Statutes Title 32 Sec. 14042Board: means the Board of Real Estate Appraisers under section 14011. See Maine Revised Statutes Title 32 Sec. 14042 Federal appraisal subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council under 12 United States Code, Chapter 34. See Maine Revised Statutes Title 32 Sec. 14042 Federally regulated appraisal management company: means an appraisal management company that is owned and controlled by an insured depository institution, as defined in 12 United States Code § 1813 and regulated by the federal Office of the Comptroller of the Currency; Office of the Inspector General, Board of Governors of the Federal Reserve System; or the Federal Deposit Insurance Corporation. See Maine Revised Statutes Title 32 Sec. 14042 Person: means an individual, firm, partnership, association, corporation, limited liability company, sole proprietorship or any other entity. See Maine Revised Statutes Title 32 Sec. 14042 Service of process: The service of writs or summonses to the appropriate party.
2. Application. An applicant for licensure as an appraisal management company shall submit to the board an application on forms prescribed by the board and pay a fee established by the board. The board shall review and approve or deny an application for an initial license or an application for renewal of a license.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
3. Consent to service of process. An applicant for licensure as an appraisal management company shall complete an irrevocable consent to service of process as prescribed by the board.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
4. Information required. An appraisal management company licensed or applying to be licensed shall provide to the board all information that the board is required to submit to the federal appraisal subcommittee pursuant to regulations or guidance promulgated by the federal appraisal subcommittee.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
5. Federally regulated appraisal management companies. Notwithstanding subsection 1, a federally regulated appraisal management company is not required to obtain a license from the board. A federally regulated appraisal management company shall:
A. Notify the board of its intent to operate in the State; and [PL 2017, c. 475, Pt. D, §1 (REEN).]
B. Provide to the board information required to be submitted by the board to the federal appraisal subcommittee pursuant to regulations and policies of the federal appraisal subcommittee regarding the determination of a national registry fee under section 14045, subsection 2. [PL 2017, c. 475, Pt. D, §1 (REEN).]
[PL 2017, c. 475, Pt. D, §1 (REEN).]
SECTION HISTORY
PL 2017, c. 270, §1 (NEW). MRSA T. 32 §14049-K, sub-§1 (RP). PL 2017, c. 475, Pt. D, §1 (REEN). PL 2019, c. 501, §14 (AMD).