Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 16-5B-03
Terms Used In Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 16-5B-03
- Appraisal: A determination of property value.
- Corporation: 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.
- including: means includes or including by way of illustration and not by way of limitation. See
- 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: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Service of process: The service of writs or summonses to the appropriate party.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - 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
(1) engages or attempts to engage in business as an appraisal management company;
(2) provides or attempts to provide appraisal management services; or
(3) advertises or represents the person to be an appraisal management company.
(b) The registration required under subsection (a) of this section shall include:
(1) the name of the person seeking registration;
(2) the business address of the person seeking registration;
(3) the phone contact information of the person seeking registration;
(4) if the person seeking registration is not a corporation that is domiciled in the State, the name and contact information for the company’s agent for service of process in this State;
(5) the name, address, and contact information of any individual or any corporation, partnership, or other business entity that owns 10% or more of the person seeking registration;
(6) a certification that the person seeking registration will verify that a person being added to the appraiser panel of the appraisal management company holds an appropriate license or certification in good standing in the State under this subtitle for the purpose of performing real estate appraisals;
(7) a certification that the person seeking registration requires appraisers completing appraisals at its request to comply with the Uniform Standards of Professional Appraisal Practice, including the requirements for geographic and product competence;
(8) a certification that the person seeking registration will require appraisals to be conducted independently as required by the appraisal independence standards under Section 129E of the Truth in Lending Act, including the requirements of payment of a reasonable and customary fee to appraisers when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer;
(9) a certification that the person seeking registration maintains a detailed record of each service request that it receives and the appraiser that performs the residential real estate appraisal services for the person under § 16-5B-09 of this subtitle;
(10) an irrevocable Uniform Consent to Service of Process in accordance with § 16-5B-04(c) of this subtitle; and
(11) any other information that the Commission reasonably requires to implement this subtitle.
(c) If the registration process required under subsection (a) of this section has not been established as of the effective date of this subtitle, an appraisal management company may, without being registered under this subtitle, continue to provide appraisal management services in accordance with this subtitle for 120 days after a registration process becomes available.
(d) An appraisal management company that has submitted a complete application for registration under subsection (b) of this section may continue to provide appraisal management services in accordance with this subtitle until the Commission makes a final decision to approve or deny the company’s application for registration under this subtitle.