Maine Revised Statutes Title 32 Sec. 14042 – Definitions
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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2017, c. 475, Pt. D, §1 (REEN).]
1. Appraisal. “Appraisal” has the same meaning as in section 14002, subsection 1.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
Terms Used In Maine Revised Statutes Title 32 Sec. 14042
- 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 Board: means the Board of Real Estate Appraisers under section 14011. See Maine Revised Statutes Title 32 Sec. 14042 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 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 Contract: A legal written agreement that becomes binding when signed. Controlling person: means :
A. See Maine Revised Statutes Title 32 Sec. 14042Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. 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 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 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 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Mortgage: The written agreement pledging property to a creditor as collateral for a loan. 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 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. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. 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 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 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. 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 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
2. Appraisal assignment. “Appraisal assignment” means an agreement between an appraiser and an appraisal management company to provide an appraisal service. “Appraisal assignment” does not include an appraisal review or quality control examination.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
3. Appraisal management company. “Appraisal management company” means a person that:
A. Provides appraisal management services to creditors or secondary mortgage market participants with appraisers who are part of an appraiser panel that includes more than 15 appraisers who are independent contractors; [PL 2017, c. 475, Pt. D, §1 (REEN).]
B. Provides appraisal management services in connection with valuing a consumer’s principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations; and [PL 2017, c. 475, Pt. D, §1 (REEN).]
C. Within a calendar year or a 12-month period established by board rule, oversees an appraiser panel of more than 15 certified or licensed appraisers in one state or 25 or more certified or licensed appraisers in more than one state. [PL 2017, c. 475, Pt. D, §1 (REEN).]
“Appraisal management company” does not include a department or division of an entity that provides appraisal management services only to that entity.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
4. Appraisal management service. “Appraisal management service” means:
A. Recruiting, selecting and retaining appraisers; [PL 2017, c. 475, Pt. D, §1 (REEN).]
B. Contracting with appraisers to perform appraisal assignments; [PL 2017, c. 475, Pt. D, §1 (REEN).]
C. Managing the process of having an appraisal performed, including, but not limited to:
(1) Providing administrative services;
(2) Receiving appraisal orders and appraisal reports;
(3) Submitting completed appraisal reports to creditors and secondary market participants;
(4) Collecting fees from creditors and secondary market participants for services provided; and
(5) Paying appraisers for services performed; and [PL 2017, c. 475, Pt. D, §1 (REEN).]
D. Reviewing and verifying the work of appraisers. [PL 2017, c. 475, Pt. D, §1 (REEN).]
[PL 2017, c. 475, Pt. D, §1 (REEN).]
5. Appraisal review. “Appraisal 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. “Appraisal review” does not include a quality control examination.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
6. Appraisal service. “Appraisal service” means an act or process of completing an appraisal assignment.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
7. Appraiser. “Appraiser” means a person licensed under chapter 124.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
8. Appraiser panel. “Appraiser panel” means a network, list or roster of licensed or certified appraisers approved by an appraisal management company to perform appraisals as independent contractors for the appraisal management company. “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.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
[PL 2017, c. 475, Pt. D, §1 (REEN).]
10. Client. “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.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
11. Consumer credit. “Consumer credit” means credit offered or extended to a consumer primarily for personal, family or household purposes.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
12. Controlling person. “Controlling person” means:
A. An owner, officer or director of an appraisal management company; [PL 2017, c. 475, Pt. D, §1 (REEN).]
B. An individual employed, appointed or authorized by an appraisal management company who has authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has authority to enter into agreements with appraisers for the performance of appraisal services; or [PL 2017, c. 475, Pt. D, §1 (REEN).]
C. An individual who is authorized to, directly or indirectly, direct or cause the direction of the management or policies of an appraisal management company. [PL 2017, c. 475, Pt. D, §1 (REEN).]
[PL 2017, c. 475, Pt. D, §1 (REEN).]
13. Covered transaction. “Covered transaction” means a consumer credit transaction secured by a consumer’s principal dwelling.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
14. Creditor. “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. For the purpose of this subsection, a person regularly extends consumer credit if the person:
A. Extended credit, other than credit subject to the requirements of 12 C.F.R. § 1026.32 more than 5 times for transactions secured by a dwelling in the preceding calendar year; or [PL 2017, c. 475, Pt. D, §1 (REEN).]
B. In any 12-month period, originates more than one credit extension that is subject to the requirements of 12 C.F.R. § 1026.32 or one or more such credit extensions through a mortgage broker. [PL 2017, c. 475, Pt. D, §1 (REEN).]
[PL 2017, c. 475, Pt. D, §1 (REEN).]
15. Dwelling. “Dwelling” means a residential structure that contains one to 4 units, whether or not the structure is attached to real property. “Dwelling” includes an individual condominium unit, cooperative unit, mobile home and trailer, if it is used as a residence.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
16. Federal appraisal subcommittee. “Federal appraisal subcommittee” means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council under 12 United States Code, Chapter 34.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
17. Federal financial institutions regulatory agency. “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.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
18. Federally regulated appraisal management company. “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.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
19. Federally related transaction. “Federally related transaction” has the same meaning as in section 14002, subsection 9.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
20. Federally related transaction regulations. “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.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
21. Person. “Person” means an individual, firm, partnership, association, corporation, limited liability company, sole proprietorship or any other entity.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
22. Principal dwelling. “Principal dwelling” means a consumer’s principal dwelling. “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. “Principal dwelling” does not include a vacation or other second home.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
23. Quality control examination. “Quality control examination” means an examination of an appraisal report for completeness, including for grammatical, mathematical and typographical errors. “Quality control examination” does not include an appraisal review.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
24. Secondary mortgage market participant. “Secondary mortgage market participant” means a guarantor or insurer of mortgage-backed securities, or an underwriter or issuer of mortgage-backed securities. “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.
[PL 2017, c. 475, Pt. D, §1 (REEN).]
25. Uniform Standards of Professional Appraisal Practice. “Uniform Standards of Professional Appraisal Practice” has the same meaning as in section 14002, subsection 15.
[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).