About DLLR

 

09.19.12 - Board for Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors - Pending Regulations

 

PROPOSED ACTION ON REGULATIONS
MARYLAND REGISTER, VOLUME 41, ISSUE 14,
FRIDAY, JULY 11, 2014

Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION

Subtitle 19 COMMISSION OF REAL ESTATE APPRAISERS, APPRAISAL MANAGEMENT COMPANIES, AND HOME INSPECTORS - REAL ESTATE APPRAISERS

09.19.12 General Regulations

Authority: Business Occupations and Professions Article, §§16-101(r), 16-216, 16-220 and 16-5A-03, Annotated Code of Maryland

Notice of Proposed Action
[14-204-P]

The Commission of Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors proposes to amend Regulation .02 under COMAR 09.19.12 General Regulations. This action was considered at a public meeting of the Commission held on April 8, 2014, notice of which was given in 41:6 Md. R 407 (March 21, 2014) pursuant to State Government Article, §10-506(c) Annotated Code of Maryland.

Statement of Purpose

The purpose of this action is to amend requirements for supervisory real estate appraisers, in compliance with a mandate by the federal Appraiser Qualifications Board (“AQB”) of The Appraisal Foundation, for applicable provisions to become effective no later than January 1, 2015. Under the provisions of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (Title XI), the AQB establishes the minimum education, experience and examination requirements for real property appraisers. Under FIRREA Title XI and the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, States are required to implement appraiser certification requirements that are no less stringent than those issued by the AQB in the Real Property Appraiser Qualification Criteria.

The purpose of this action is comply with a federal requirement increasing from 2 to 3 years, the length of time that an individual must hold a residential or general real estate appraiser certificate before the individual is eligible to become a supervising appraiser; and to increase from 2 to 3 years, the length of time a supervising appraiser is prohibited from supervising a trainee appraiser following a disciplinary action imposed upon his or her certification. This action is intended to enhance the public trust by assuring that supervising appraisers, who provide a critical role in the mentoring, training and development of future appraisers, are experienced, competent and qualified to supervise trainee appraisers.

Comparison to Federal Standards

There is a corresponding federal standard to this proposed action, but the proposed action is not more restrictive or stringent.

Estimate of Economic Impact

The proposed action has no economic impact.

Economic Impact on Small Businesses

The proposed action has minimal or no economic impact on small businesses.

Impact on Individuals with Disabilities

The proposed action has no impact on individuals with disabilities.

Opportunity for Public Comment

Comments may be sent to Patricia Schott, Executive Director, Commission of Real Estate Appraisers, Appraisal Management Companies and Home Inspectors, 500 N. Calvert Street #302, Baltimore, MD 21202, or call 410-230-6165, or email to patricia.schott@maryland.gov, or fax to 410-333-6314. Comments will be accepted through August 11, 2014. A public hearing has not been scheduled.

Open Meeting

Final action on the proposal will be considered by Commission of Real Estate Appraiser, Appraisal Management Companies and Home Inspectors during a public meeting to be held on August 12, 2014, at 500 N. Calvert Street, Baltimore, MD 21202.

.02 Supervising Appraisers.
  A. To be eligible to serve as a supervising appraiser, an individual:
    (1) (text unchanged)
    (2) May not have been subject to any disciplinary action within the immediately preceding [2] 3 years; and
    (3) Shall have held a certified residential or certified general real estate appraisal license for at least [2] 3 years.
  B. (text unchanged)
  C. A supervising appraiser must complete a Commission-approved course that, at a minimum, complies with the specifications for course content established by the AQB and is oriented toward the requirements, expectations and responsibilities of supervisory appraisers.

GEORGE FAIR
Chairman
Commission of Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors