§ 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.

HISTORY: 1999, ch. 523.