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Maryland Code, Financial Institutions § 11-624

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A person subject to this subtitle may not, in connection with a mortgage loan or loan application:

(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.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 11-624 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-11-624/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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