Bill > S2288

This bill proposes the following key provisions: 1. Establishes a Board of Real Estate Appraisers with 9 members appointed by the governor, including a licensed real estate broker, a member of the public, a banking industry member, an appraisal management company representative, and 5 licensed real estate appraisers. 2. Requires the registration and regulation of appraisal management companies (AMCs) that provide appraisal services in the state, with exceptions for certain government agencies and depository institutions. 3. Sets forth requirements for AMC registration, including designating a controlling person and employee in charge, maintaining a surety bond, and adhering to standards related to appraiser selection, appraisal review, and record-keeping. 4. Prohibits AMCs from engaging in certain activities that could improperly influence the independence and objectivity of real estate appraisers. 5. Authorizes the Board to investigate, discipline, and impose civil penalties on AMCs and their personnel for violations of the law. 6. Transitions the existing Board of Real Estate Appraisers to the new structure established by the bill. Overall, the bill aims to establish a regulatory framework for AMCs operating in the state in order to protect the integrity of real estate appraisal services.

Senate Committee on Ways and Means (S)

https://malegislature.gov/Bills/191/S2288