Maine Revised Statutes Title 32 Sec. 14049-E – Compensation of appraisers
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Terms Used In Maine Revised Statutes Title 32 Sec. 14049-E
- Appraisal: A determination of property value.
- Appraisal management company: means a person that:
A. See Maine Revised Statutes Title 32 Sec. 14042Appraisal 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 Contract: A legal written agreement that becomes binding when signed. 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
An appraisal management company shall compensate appraisers in accordance with the appraisal independence standards established under the federal Truth in Lending Act, 15 United States Code § 1639e (2016) and its implementing regulations, 12 C.F.R. § 1026.42 (2016). Except in cases of breach of contract or substandard performance of an appraisal service, an appraisal management company shall make payment to an appraiser for the completion of an appraisal service within 45 days of the date on which the appraiser transmits or otherwise provides the results of the completed appraisal service to the appraisal management company. [PL 2017, c. 475, Pt. D, §1 (REEN).]
SECTION HISTORY
PL 2017, c. 270, §1 (NEW). PL 2017, c. 475, Pt. D, §1 (REEN). MRSA T. 32 §14049-K, sub-§1 (RP).