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

 

PROPOSED ACTION ON REGULATIONS
MARYLAND REGISTER, VOLUME 39, ISSUE 20,
FRIDAY, OCTOBER 5, 2012

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 and 16-220, Annotated Code of Maryland

Notice of Proposed Action
[12-268-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 June 12, 2012, notice of which was given in 39:10 Md. R 675 (May 18, 2012) pursuant to State Government Article,  §10-506(c) Annotated Code of Maryland.

Statement of Purpose

The purpose of this action is to establish a requirement that an individual must hold a residential or general real estate appraiser certificate for at least 2 years before the individual is eligible to become a supervising appraiser. This action is being proposed to comply with the anticipated change in supervising appraiser requirements of the Real Property Appraiser Qualification Criteria, by the Appraiser Qualifications Board (AQB) of the Appraisal Foundation. Under the provisions of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the AQB establishes the minimum education, experience and examination requirements for real property appraisers. Under the FIRREA and the recent 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. 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 no corresponding federal standard to this proposed action.

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 Patti Schott, Administrator, Commission of Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors, 500 N. Calvert Street, Baltimore, MD 21202, or call 410-230-6165, or email to pschott@dllr.state.md.us, or fax to 410-333-6314. Comments will be accepted through December 3, 2012. A public hearing
has not been scheduled.

Open Meeting

Final action on the proposal will be considered by Commission of Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors during a public meeting to be held on December 11, 2012, at 10:30 a.m., at 500 N. Calvert Street, Baltimore, MD 21202.

.02 Supervising Appraisers.
  A. To be eligible to serve as a supervising appraiser, an individual:
    (1) Shall be in good standing; [and]
    (2) May not have been subject to any disciplinary action within the immediately preceding 2 years[.]; and
    (3) Shall have held a certified residential or certified general real estate appraisal license for at least 2 years.
B. (text unchanged)

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