1. Operational requirements. An appraisal management company shall:
A. Engage only certified or licensed appraisers for federally related transactions in conformity with federally related transaction regulations; [PL 2017, c. 475, Pt. D, §1 (REEN).]
B. Establish and comply with processes and controls reasonably designed to ensure that the appraisal management company in engaging an appraiser selects an appraiser who is independent of the transaction and who has the requisite education, expertise and experience necessary to competently complete the appraisal assignment for the particular market and property type; [PL 2017, c. 475, Pt. D, §1 (REEN).]
C. Direct an appraiser to perform an assignment in accordance with the Uniform Standards of Professional Appraisal Practice; and [PL 2017, c. 475, Pt. D, §1 (REEN).]
D. Establish and comply with processes and controls reasonably designed to ensure that the appraisal management company conducts appraisal management services in accordance with the requirements of the Truth in Lending Act, 15 United States Code § 1639e(a)?(i) and regulations adopted under that section. [PL 2017, c. 475, Pt. D, §1 (REEN).]

[PL 2017, c. 475, Pt. D, §1 (REEN).]

Terms Used In Maine Revised Statutes Title 32 Sec. 14049-D

  • Appraisal: A determination of property value.
  • Appraisal assignment: means an agreement between an appraiser and an appraisal management company to provide an appraisal service. See Maine Revised Statutes Title 32 Sec. 14042
  • Appraisal management company: means a person that:
A. See Maine Revised Statutes Title 32 Sec. 14042
  • Appraisal service: means an act or process of completing an appraisal assignment. See Maine Revised Statutes Title 32 Sec. 14042
  • Appraiser: means a person licensed under chapter 124. See Maine Revised Statutes Title 32 Sec. 14042
  • Board: means the Board of Real Estate Appraisers under section 14011. See Maine Revised Statutes Title 32 Sec. 14042
  • Federally related transaction regulations: means regulations established by a federal financial institutions regulatory agency pursuant to Title XI, Sections 1112, 1113 and 1114 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, 12 United States Code §§ 3341 to 3343. See Maine Revised Statutes Title 32 Sec. 14042
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
    • 2. Record keeping. An appraisal management company licensed or applying to be licensed or to renew a license in this State shall:
    A. Certify to the board on a form prescribed by the board that the appraisal management company maintains a detailed record of each service request that the appraisal management company receives for appraisals of real property located in this State; and [PL 2017, c. 475, Pt. D, §1 (REEN).]
    B. Retain for at least 5 years, or at least 2 years after final disposition of any related judicial proceeding, all business records relating to each request for an appraisal service that the appraisal management company has received and the appraiser who performs the appraisal service for the appraisal management company. [PL 2017, c. 475, Pt. D, §1 (REEN).]
    An appraisal management company licensed under this chapter shall make all records required to be maintained by the appraisal management company available for inspection by the board upon reasonable notice to the appraisal management company.

    [PL 2019, c. 501, §15 (AMD).]

    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, §15 (AMD).
      Previous section
    Next section  
     Chapter 124-A Contents