Maryland Code, FINANCIAL INSTITUTIONS 11-624
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 11-624
- Appraisal: A determination of property value.
- including: means includes or including by way of illustration and not by way of limitation. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) Make a payment, threat, or promise, directly or indirectly, to another person for the purpose of influencing the person to violate any federal or State law, or any standard of professional practice recognized by the federal or State government; or
(2) Make a payment, threat, or promise, directly or indirectly, to an appraiser of residential real estate for the purpose of influencing the independent judgment of the appraiser with respect to the value of the residential real estate, or engage in any other act or practice that impairs or attempts to impair an appraiser’s independence, objectivity, or impartiality, including:
(i) Withholding or threatening to withhold payment for an appraisal with the intent to coerce the appraiser to agree to a value, range of values, or minimum value for the residential real estate;
(ii) Conditioning the payment of an appraisal fee on the opinion, conclusion, or valuation to be reached by the appraiser; or
(iii) Requesting the appraiser to report a predetermined opinion, conclusion, or valuation.
(b) This section does not prohibit a person subject to this subtitle from:
(1) Requesting another person to:
(i) Consider additional appropriate information;
(ii) Provide additional details, substantiation, or explanation of a conclusion made by the other person; or
(iii) Correct errors in an appraisal report or other mortgage document; or
(2) Withholding payment for an appraisal pending resolution of an action before a federal or State court or licensing board relating to the appraisal.