Sec. D-1. 32 MRSA §§14041 to 14049-J, as repealed by 32 MRSA §14049-K, sub-§1, are reenacted to read:
§ 14041. Short title
This chapter may be known and cited as "the Appraisal Management Company Licensing Act."
§ 14042. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
"Appraisal management company" does not include a department or division of an entity that provides appraisal management services only to that entity.
(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
§ 14043. License required
§ 14044. License renewal
A license expires on the date set by the Commissioner of Professional and Financial Regulation pursuant to Title 10, section 8003, subsection 4 for the licensing period for which the license was issued. A license may be renewed upon receipt of an application for renewal and payment of the renewal fee as set under section 14045. Licenses may be renewed up to 90 days after the date of expiration upon payment of a late fee, as set under section 14045.
The board shall deny a renewal license to any applicant whose license has lapsed for more than 90 days unless the applicant satisfies the provisions governing new applicants under this subchapter.
§ 14045. Fees
§ 14046. Owner requirements
§ 14047. Controlling persons
§ 14048. Employee requirements
An appraisal management company that is licensed or applies for a license or renewal of a license may not:
§ 14049. Denial of license
In addition to the grounds enumerated in Title 10, section 8003, subsection 5-A, paragraph A, the board may deny a license, refuse to renew a license or impose the disciplinary sanctions authorized by Title 10, section 8003, subsection 5-A for:
§ 14049-A. Appraiser panel
For the purpose of determining whether within a 12-month period an appraisal management company oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in a state or 25 or more certified or licensed appraisers in 2 or more states and therefore qualifies as an appraisal management company pursuant to this chapter, the following provisions apply.
§ 14049-B. Appraiser engagement
Prior to placing an appraisal assignment with an appraiser on an appraiser panel, an appraisal management company shall verify that the appraiser receiving the appraisal assignment is licensed under chapter 124.
§ 14049-C. Appraisal review
An employee of or independent contractor to an appraisal management company who performs an appraisal review for real property located in this State must be licensed under chapter 124.
§ 14049-D. Appraisal management company operational and record-keeping requirements
An appraisal management company licensed under this chapter shall make all records required to be maintained by the appraisal management company available for inspection by the board upon reasonable notice to the appraisal management company.
§ 14049-E. Compensation of appraisers
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, Section 1639e (2016) and its implementing regulations, 12 Code of Federal Regulations, Section 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.
§ 14049-F. Statement of fees
When reporting fees to a client, an appraisal management company shall separately indicate the fees paid to an appraiser for the completion of an appraisal service and the fees charged by the appraisal management company to the client for appraisal management services.
§ 14049-G. Prohibited practices
(1) Altering or removing the signature or seal of the appraiser; or
(2) Adding information to, removing information from or changing information contained in the results of the completed appraisal service, including any disclosure authorized by this chapter submitted by an appraiser in or with the appraisal report;
(1) There is a reasonable basis to believe that the initial appraisal was flawed or tainted and that basis is clearly and appropriately noted in the loan file;
(2) The subsequent appraisal or automated valuation model is done under a bona fide prefunding or postfunding appraisal review or quality control process; or
(3) The subsequent appraisal or automated valuation model is otherwise required or permitted by federal or state law;
(1) Complete an appraisal service if the appraiser determines the appraiser does not have the necessary expertise for the specific geographic area, the appraiser has notified the company of that determination and the appraiser has declined the assignment;
(2) Prepare an appraisal report under a schedule that the appraiser believes does not afford the appraiser the ability to meet all the relevant legal and professional obligations if the appraiser has notified the company of that belief and has declined the assignment;
(3) Provide the appraisal management company with the digital signature or seal of the appraiser;
(4) Modify any aspect of an appraisal report without the agreement of the appraiser that the modification is appropriate;
(5) Engage in any act or practice that does not comply with the Uniform Standards of Professional Appraisal Practice;
(6) Engage in any act or practice that does not comply with any assignment conditions and certifications required by a client;
(7) Engage in any act or practice that impairs or attempts to impair the independence, objectivity or impartiality of an appraiser;
(8) Enter into an agreement to not serve on the appraiser panel of another appraisal management company;
(9) Indemnify or hold harmless the appraisal management company against liability except liability for errors and omissions by the appraiser; or
(10) Pay a fee imposed on the appraisal management company by the federal appraisal subcommittee.
(1) Consider additional appropriate property information, including the consideration of additional comparable properties to make or support an appraisal;
(2) Provide further detail, substantiation or explanation of the appraiser's conclusion regarding values; or
(3) Correct errors in the appraisal report;
§ 14049-H. Mandatory reporting
An appraisal management company that has a reasonable basis to believe an appraiser is failing to comply with the Uniform Standards of Professional Appraisal Practice in a manner that materially affects the conclusion of value contained in an appraisal report, is violating applicable laws or is otherwise engaging in unethical or unprofessional conduct shall refer the matter to the board.
§ 14049-I. Appraiser panel management
Except within the first 30 days after an appraiser is added to an appraiser panel, an appraisal management company may not remove an appraiser from its appraiser panel or otherwise refuse to assign requests for real estate appraisal services to an appraiser without notifying the appraiser in writing and identifying the reasons why the appraiser is being removed from the appraiser panel and providing an opportunity for the appraiser to respond to the notification.
§ 14049-J. Board powers
The board may:
Sec. D-2. Maine Revised Statutes headnote reenacted. In the Maine Revised Statutes, Title 32, chapter 124-A, chapter headnote, the words "appraisal management company licensing" are reenacted and the Revisor of Statutes shall implement this revision when updating, publishing or republishing the statutes.
Sec. D-3. Licenses in effect on March 14, 2018; applications submitted on or before March 14, 2018. A license issued to an appraisal management company by the Department of Professional and Financial Regulation, Board of Real Estate Appraisers and in effect on March 14, 2018 remains in effect until the date of expiration specified in the license. The board shall review and approve or deny an application for an appraisal management company license that was submitted to the board with the required fee on or before March 14, 2018 and that was not finally acted upon before March 15, 2018.’