Maine Revised Statutes > Title 32 > Chapter 124-A – Appraisal Management Company Licensing
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes > Title 32 > Chapter 124-A - Appraisal Management Company Licensing
- Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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. 14042Appraisal management service: means :
A. See Maine Revised Statutes Title 32 Sec. 14042Appraisal review: means the act or process of developing and communicating an opinion about the quality of the work performed by an appraiser as part of an appraisal assignment, which may take into account the appraiser's data collection, analysis, opinions, conclusions, estimate of value or compliance with the Uniform Standards of Professional Appraisal Practice. 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 Appraiser panel: includes appraisers accepted by an appraisal management company for consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions and appraisers engaged by an appraisal management company to perform one or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions. See Maine Revised Statutes Title 32 Sec. 14042 Arrest: Taking physical custody of a person by lawful authority. Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Board: means the Board of Real Estate Appraisers under section 14011. See Maine Revised Statutes Title 32 Sec. 14042 board of directors: means the directors of the jail authority. See Maine Revised Statutes Title 30-A Sec. 1802 Client: means a person that contracts with or otherwise enters into an agreement with an appraisal management company for the performance of appraisal management services. See Maine Revised Statutes Title 32 Sec. 14042 Computer: means an electronic, magnetic, optical, electrochemical or other high-speed data processing device performing logical, arithmetic or storage functions and includes any data storage device or communications facility directly related to or operating in conjunction with the device. See Maine Revised Statutes Title 17-A Sec. 431 Consumer credit: means credit offered or extended to a consumer primarily for personal, family or household purposes. See Maine Revised Statutes Title 32 Sec. 14042 Controlling person: means :
A. See Maine Revised Statutes Title 32 Sec. 14042Conviction: A judgement of guilt against a criminal defendant. County: means either Lincoln County or Sagadahoc County, and "counties" means both Lincoln County and Sagadahoc County. See Maine Revised Statutes Title 30-A Sec. 1802 Covered transaction: means a consumer credit transaction secured by a consumer's principal dwelling. See Maine Revised Statutes Title 32 Sec. 14042 Creditor: means a person who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than 4 installments, not including a down payment, and to whom the obligation is initially payable, either on the face of the note or contract or by agreement when there is no note or contract. See Maine Revised Statutes Title 32 Sec. 14042 Criminal justice agency: includes the Department of the Attorney General and district attorneys' offices. See Maine Revised Statutes Title 17-A Sec. 431 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Dwelling: includes an individual condominium unit, cooperative unit, mobile home and trailer, if it is used as a residence. See Maine Revised Statutes Title 32 Sec. 14042 Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. 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 Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Federal financial institutions regulatory agency: means the federal Office of the Inspector General, Consumer Financial Protection Bureau, Federal Housing Finance Agency or Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation; the Office of the Comptroller of the Currency; or the National Credit Union Administration. See Maine Revised Statutes Title 32 Sec. 14042 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC 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 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 Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fraud: Intentional deception resulting in injury to another. Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC jail: means any land area, structure, location or equipment, or combination of them, used for the confinement of prisoners. See Maine Revised Statutes Title 30-A Sec. 1802 jail authority: means the authority formed under this chapter and Title 13, chapter 81. See Maine Revised Statutes Title 30-A Sec. 1802 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Juror: A person who is on the jury. lands: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. Municipal officers: means the municipal officers or councillors of a town or the mayor and municipal officers or councillors of a city. See Maine Revised Statutes Title 30-A Sec. 1802 Municipality: means a city or town. See Maine Revised Statutes Title 30-A Sec. 1802 National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Oath: includes an affirmation, when affirmation is allowed. See Maine Revised Statutes Title 1 Sec. 72 Oath: A promise to tell the truth. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Operating and governance agreement: means the documents that set the terms of the jail authority operations and structure for governance. See Maine Revised Statutes Title 30-A Sec. 1802 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 Personal property: All property that is not real property. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Principal dwelling: includes a dwelling a consumer buys or builds that will become the consumer's principal dwelling within one year or upon the completion of construction. See Maine Revised Statutes Title 32 Sec. 14042 Quality control examination: means an examination of an appraisal report for completeness, including for grammatical, mathematical and typographical errors. See Maine Revised Statutes Title 32 Sec. 14042 Quorum: The number of legislators that must be present to do business. Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. registered mail: when used in connection with any requirement for notice by mail shall mean either registered mail or certified mail. See Maine Revised Statutes Title 1 Sec. 72 Revenues: means the proceeds of bonds, all revenues, rates, tolls, assessments, rents, transportation charges, reimbursement from the State excluding community corrections money, boarding fees and inmate-related medical reimbursements, and other charges and receipts derived by the jail authority from the operation of a multicounty jail, including, but not limited to, investment earnings and the proceeds of insurance, condemnation, sale or other disposition of properties, and must include proceeds from assessments when the power of assessment has been granted to the jail authority under sections 1952 and 1953. See Maine Revised Statutes Title 30-A Sec. 1802 Secondary mortgage market participant: includes an individual investor in a mortgage-backed security only if that investor is also a guarantor, issuer, underwriter or issuer of the mortgage-backed security. See Maine Revised Statutes Title 32 Sec. 14042 Service of process: The service of writs or summonses to the appropriate party. Statute: A law passed by a legislature. Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Trustee: A person or institution holding and administering property in trust. 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 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72