An Act Regarding the Registration of Appraisal Management Companies
Maine Legislature, Session 128, LD 1349
Committee: Labor, Commerce, Research and Economic Development
Sponsors: FECTEAU

Legislative Document
No. 1349
H.P. 939
House of Representatives, April 6, 2017
An Act Regarding the Registration of Appraisal Management 
Companies
Reference to the Committee on Labor, Commerce, Research and Economic Development 
suggested and ordered printed.
ROBERT B. HUNT
Clerk
Presented by Representative FECTEAU of Biddeford.
Be it enacted by the People of the State of Maine as follows: 
Sec. 1.  32 MRSA c. 124-A is enacted to read: 
CHAPTER 124-A 
APPRAISAL MANAGEMENT COMPANY REGISTRATION 
§14041.  Short title 
This chapter may be known and cited as "the Appraisal Management Company 
Registration Act." 
§14042.  Definitions 
As used in this chapter, unless the context otherwise indicates, the following terms 
have the following meanings. 
1.  Appraisal.  "Appraisal" has the same meaning as in section 14002, subsection 1. 
2.  Appraisal assignment.  "Appraisal assignment" means an agreement between an 
appraiser and an appraisal management company to provide an appraisal service. 
3.  Appraisal management company.  "Appraisal management company" means an 
entity that: 
A.  Provides appraisal management services to creditors or secondary mortgage 
market participants with appraisers who are: 
(1)  Employees of the entity; or 
(2)  Part of an appraiser panel that includes more than 15 appraisers who are 
independent contractors to the entity; 
B.  Provides services in connection with valuing a consumer's principal dwelling as 
security for a consumer credit transaction or incorporating such transactions into 
securitizations; and 
C.  Within a calendar year or a 12-month period established by board rule, oversees 
an appraiser panel of more than 15 certified or licensed appraisers in one state or 25 
or more certified or licensed appraisers in more than one state. 
"Appraisal management company" does not include a department or division of an entity 
that provides appraisal management services only to that entity. 
4.  Appraisal management service.  "Appraisal management service" means: 
A.  Recruiting, selecting and retaining appraisers; 
B.  Contracting with appraisers to perform appraisal assignments; 
C.  Managing the process of having an appraisal performed, including, but not limited 
to: 
(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 
D.  Reviewing and verifying the work of appraisers. 
5.  Appraisal review.  "Appraisal review" means the act or process of developing 
and communicating an opinion about the quality of an appraiser's work that was 
performed as part of an appraisal assignment related to the appraiser's data collection, 
analysis, opinions, conclusions, estimate of value or compliance with the Uniform 
Standards of Professional Appraisal Practice.  "Appraisal review" does not include a 
quality control examination.  
6.  Appraisal service.  "Appraisal service" means providing an appraisal or appraisal 
review. 
7.  Appraiser.  "Appraiser" means a person licensed under chapter 124. 
8.  Appraiser panel.  "Appraiser panel" means a network, list or roster of licensed or 
certified appraisers approved by an appraisal management company to perform appraisals 
for the appraisal management company.  "Appraiser panel" includes appraisers accepted 
by an appraisal management company for consideration for future appraisal assignments 
in covered transactions or for secondary mortgage market participants in connection with 
covered transactions and appraisers engaged by an appraisal management company to 
perform one or more appraisals in covered transactions or for secondary mortgage market 
participants in connection with covered transactions. 
9.  Board.  "Board" means the Board of Real Estate Appraisers under section 14011. 
10.  Client.  "Client" means a person that contracts with or otherwise enters into an 
agreement with an appraisal management company for the performance of appraisal 
management services. 
11.  Consumer credit.  "Consumer credit" means credit offered or extended to a 
consumer primarily for personal, family or household purposes. 
12.  Controlling person.  "Controlling person" means: 
A.  An owner, officer or director of an appraisal management company; 
B.  An individual employed, appointed or authorized by an appraisal management 
company who has authority to enter into a contractual relationship with other persons 
for the performance of appraisal management services and has authority to enter into 
agreements with appraisers for the performance of appraisal services; or 
C.  An individual who is authorized to, directly or indirectly, direct or cause the 
direction of the management or policies of an appraisal management company. 
13.  Covered transaction.  "Covered transaction" means a consumer credit 
transaction secured by a consumer's principal dwelling. 
14.  Creditor.  "Creditor" means a person who regularly extends consumer credit that 
is subject to a finance charge or is payable by written agreement in more than 4 
installments, not including a down payment, and to whom the obligation is initially 
payable, either on the face of the note or contract or by agreement when there is no note 
or contract.  For the purpose of this subsection, a person regularly extends consumer 
credit if the person: 
A.  Extended credit, other than credit subject to the requirements of 12 Code of 
Federal Regulations, Section 1026.32 more than 5 times for transactions secured by a 
dwelling in the preceding calendar year; or 
B.  In any 12-month period, originates more than one credit extension that is subject 
to the requirements of 12 Code of Federal Regulations, Section 1026.32 or one or 
more such credit extensions through a mortgage broker. 
15.  Dwelling.  "Dwelling" means a residential structure that contains one to 4 units, 
whether or not the structure is attached to real property.  "Dwelling" includes an 
individual condominium unit, cooperative unit, mobile home and trailer, if it is used as a 
residence. 
16.  Federal appraisal subcommittee.  "Federal appraisal subcommittee" means the 
Appraisal Subcommittee of the Federal Financial Institutions Examination Council under 
United States Code, Chapter 34. 
17.  Federal financial institutions regulatory agency.  "Federal financial 
institutions regulatory agency" means the federal Office of the Inspector General, 
Consumer Financial Protection Bureau, Federal Housing Finance Agency or Board of 
Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation; the 
Office of the Comptroller of the Currency; or the National Credit Union Administration. 
18.  Federally regulated appraisal management company.  "Federally regulated 
appraisal management company" means an appraisal management company that is owned 
and controlled by an insured depository institution, as defined in 12 United States Code, 
Section 1813 and regulated by the federal Office of the Comptroller of the Currency; 
Office of the Inspector General, Board of Governors of the Federal Reserve System; or 
the Federal Deposit Insurance Corporation. 
19.  Federally related transaction.  "Federally related transaction" has the same 
meaning as in section 14002, subsection 9. 
20.  Federally related transaction regulations.  "Federally related transaction 
regulations" means regulations established by a federal financial institutions regulatory 
agency pursuant to Title XI, Sections 1112, 1113 and 1114 of the Financial Institutions 
Reform, Recovery, and Enforcement Act of 1989, 12 United States Code, Sections 3341 
to 3343. 
21.  Person.  "Person" means an individual, firm, partnership, association, 
corporation, limited liability company, sole proprietorship or any other entity. 
22.  Principal dwelling.  "Principal dwelling" means a consumer's principal 
dwelling.  "Principal dwelling" includes a dwelling a consumer buys or builds that will 
become the consumer's principal dwelling within one year or upon the completion of 
construction.  "Principal dwelling" does not include a vacation or other second home. 
23.  Quality control examination.  "Quality control examination" means an 
examination of an appraisal report for completeness, including for grammatical, 
mathematical and typographical errors. "Quality control examination" does not include an 
appraisal review. 
24.  Secondary mortgage market participant.  "Secondary mortgage market 
participant" means a guarantor or insurer of mortgage-backed securities, or an 
underwriter or issuer of mortgage-backed securities.  "Secondary mortgage market 
participant" includes an individual investor in a mortgage-backed security only if that 
investor is also a guarantor, issuer, underwriter or issuer of the mortgage-backed security. 
25.  Uniform Standards of Professional Appraisal Practice.  "Uniform Standards 
of Professional Appraisal Practice" has the same meaning as in section 14002, subsection 
15. 
§14043.  Registration required 
1.  Registration.  A person shall obtain registration from the board before: 
A.  Directly or indirectly engaging or to attempting to engage in business as an 
appraisal management company; 
B.  Directly or indirectly performing or attempting to perform appraisal management 
services; or 
C.  Advertising or holding the person out as engaging in or conducting business as an 
appraisal management company. 
2.  Application.  An applicant for registration as an appraisal management company 
shall submit to the board an application on forms prescribed by the board and pay a fee 
established by the board.  The board shall review and approve or deny an application for 
initial registration or an application for renewal of a registration. 
3.  Surety bond.  An applicant for registration as an appraisal management company 
shall file with the board a surety bond as determined by the board, not to exceed $15,000. 
4.  Consent to service of process.  An applicant for registration as an appraisal 
management company shall complete an irrevocable consent to service of process as 
prescribed by the board. 
5.  Information required.  An appraisal management company registered or 
applying to be registered shall provide to the board all information that the board is 
required to submit to the federal appraisal subcommittee pursuant to regulations or 
guidance promulgated by the federal appraisal subcommittee. 
6.  Federally regulated appraisal management companies.  Notwithstanding 
subsection 1, a federally regulated appraisal management company is not required to 
register with the board. A federally regulated appraisal management company shall: 
A.  Notify the board of its intent to operate in the State; and 
B.  Provide to the board information required to be submitted by the board to the 
federal appraisal subcommittee pursuant to regulations and policies of the federal 
appraisal subcommittee regarding the determination of a national registry fee under 
section 14045, subsection 2.  
§14044.  Expiration of license 
Unless renewed, a registration issued by the board pursuant to this chapter expires on 
December 31st of every other year. 
§14045.  Registration fees 
1.  Fee established by rule.  The board shall establish by rule a reasonable fee to be 
paid by an appraisal management company that is registered or applying to be registered 
under this chapter.  Fees paid by all appraisal management companies registered or 
applying to be registered under this chapter must be sufficient for the administration of 
this chapter. 
2.  National registry fee.  The board shall collect from an appraisal management 
company registered, applying to be registered or operating as a federally regulated 
appraisal management company in this State, for each appraiser on an appraiser panel of 
the appraisal management company, the national registry fee determined by the federal 
appraisal subcommittee pursuant to Title XI, Section 1109(a)(4) of the federal Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 as amended by the Dodd- 
Frank Wall Street Reform and Consumer Protection Act (2010). 
§14046.  Owner requirements 
1.  License or certification as appraiser.  An appraisal management company 
registered or applying for or renewing a registration under this chapter may not be owned 
in whole or in part, directly or indirectly, by a person that has had a license or certificate 
to act as an appraiser refused, denied, cancelled for a substantive cause, revoked or 
surrendered in lieu of a pending revocation in any state unless the person has 
subsequently had a license or certificate to act as an appraiser granted or reinstated. 
2.  Background.  A person that owns more than 10% of an appraisal management 
company shall: 
A.  Be of good moral character, as determined by the board; and 
B.  Submit to a background investigation, as required by the board. 
§14047.  Controlling persons 
1.  Designation of controlling person.  An appraisal management company applying 
to the board for a registration or for renewal of a registration shall designate one 
controlling person that will be the main contact for all communication between the board 
and the appraisal management company. 
2.  Requirements.  A controlling person must: 
A.  Be actively licensed or certified in at least one state as an appraiser at all times 
that the person is designated as a controlling person; 
B.  Have never had a license or certificate to act as an appraiser refused, denied, 
canceled, revoked or surrendered in lieu of a pending revocation in any state; 
C.  Be of good moral character, as determined by the board; and 
D.  Submit to a background investigation, as required by the board. 
§14048.  Employee requirements 
An appraisal management company that is registered or applies for registration or 
renewal of registration may not: 
1.  Ordering and reviewing of appraisal services.  Knowingly employ any person 
in a position in which the person has the responsibility to order appraisal services or to 
review the results of a completed appraisal service who has had a license or certificate to 
act as an appraiser in this State or any other state refused, denied, cancelled, revoked or 
surrendered in lieu of a pending revocation; and 
2.  Independent contractor.  Knowingly enter into any independent contractor 
arrangement for the performance of appraisal services with a person who has had a 
license or certificate to act as an appraiser in this State or any other state refused, denied, 
cancelled, revoked or surrendered in lieu of a pending revocation. 
§14049.  Denial of registration 
The board may deny or refuse to renew an application for a registration to operate as 
an appraisal management company if the applicant fails to satisfy a requirement of this 
chapter or the board determines that the applicant: 
1.  Unfit.  Has demonstrated incompetence, untrustworthiness or conduct or practices 
that render the registrant unfit to perform appraisal management services; or 
2.  Good faith.  Does not perform appraisal management services in good faith and is 
a source of detriment, injury or loss to the public. 
§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 therefor qualifies as an appraisal management company pursuant to this 
chapter, the following provisions apply. 
1.  Begin date.  An appraiser is considered part of the appraisal management 
company's appraiser panel as of the earliest date on which the appraisal management 
company: 
A.  Accepts the appraiser for consideration for future appraisal assignments in 
covered transactions or for secondary mortgage market participants in connection 
with covered transactions; or 
B.  Engages the appraiser to perform one or more appraisals on behalf of a creditor 
for a covered transaction or secondary mortgage market participant in connection 
with covered transactions. 
2.  End date.  An appraiser who is considered part of the appraisal management 
company's appraiser panel pursuant to subsection 1 is considered to remain on the panel 
until the date on which the appraisal management company: 
A.  Sends written notice to the appraiser removing the appraiser from the appraiser 
panel; 
B.  Receives written notice from the appraiser asking to be removed from the 
appraiser panel; or 
C.  Receives written notice of the death or incapacity of the appraiser. 
3.  Subsequent engagement after removal.  If an appraiser is removed from an 
appraisal management company's appraiser panel pursuant to subsection 2, paragraph A 
or B, and the appraisal management company subsequently accepts the appraiser for 
consideration for future assignments or engages the appraiser at any time during the 12 
months after the removal of the appraiser, the removal must be considered not to have 
occurred and the appraiser must be considered to have been part of the appraisal 
management company's appraiser panel without interruption. 
4.  Twelve-month period.  The period for purposes of counting appraisers on an 
appraisal management company's appraiser panel may be the calendar year or a 12-month 
period established by rule by the board. 
§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 
1.  Operational requirements.  An appraisal management company shall: 
A.  Engage only certified or licensed appraisers for federally related transactions in 
conformity with federally related transaction regulations; 
B.  Establish and comply with processes and controls reasonably designed to ensure 
that the appraisal management company in engaging an appraiser selects an appraiser 
who is independent of the transaction and who has the requisite education, expertise 
and experience necessary to competently complete the appraisal assignment for the 
particular market and property type; 
C.  Direct an appraiser to perform an assignment in accordance with the Uniform 
Standards of Professional Appraisal Practice; and 
D.  Establish and comply with processes and controls reasonably designed to ensure 
that the appraisal management company conducts appraisal management services in 
accordance with the requirements of the Truth in Lending Act, 15 United States Code 
Section 1639e(a)-(i) and regulations adopted under that section. 
2.  Record keeping.  An appraisal management company registered or applying to be 
registered or to renew an existing registration in this State shall: 
A.  Certify to the board on a form prescribed by the board that the appraisal 
management company maintains a detailed record of each service request that the 
appraisal management company receives for appraisals of real property located in this 
State; and 
B.  Retain for at least 5 years, or at least 2 years after final disposition of any related 
judicial proceeding, all business records relating to each request for an appraisal 
service that the appraisal management company has received and the appraiser who 
performs the appraisal service for the appraisal management company. 
An appraisal management company registered 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 
1.  Compensation.  An appraisal management company shall compensate appraisers 
at a rate that is reasonable and customary for appraisal services being performed in the 
market area of the property being appraised without the services of an appraisal 
management company in accordance with federal law.  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.  
2.  Fees prohibited.  An appraisal management company may not: 
A.  Require an appraiser that is on an appraiser panel of the appraisal management 
company or seeking to be added to an appraiser panel of the appraisal management 
company to pay the national registry fee assessed by the federal appraisal 
subcommittee under section 14045, subsection 2; 
B.  As a prerequisite to an appraiser being added to an appraiser panel or as a 
prerequisite to an appraiser receiving an order for an appraisal from an appraisal 
management company, require an appraiser to pay any fee directly or indirectly to the 
appraisal management company or to reimburse the appraisal management company 
for any costs, fees or other expenses incurred solely by the appraisal management 
company; or 
C.  Deduct any amount from the reasonable and customary fee paid to an appraiser 
for any costs, fees or other expenses incurred solely by 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.  Prohibitions.  An appraisal management company registered under this chapter or 
an employee, director, officer or agent of an appraisal management company registered 
under this chapter may not: 
A.  Cause or attempt to cause the results of an appraisal service to be based on any 
factor other than the independent judgment of the appraiser; 
B.  Seek to influence an appraiser or to otherwise encourage a targeted value in order 
to facilitate the making or pricing of a consumer credit transaction; 
C.  Modify or otherwise change the results of a completed appraisal service that have 
been submitted by an appraiser to the appraisal management company by: 
(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; 
D.  Condition a request for the performance of an appraisal service or the payment of 
an appraisal fee, salary or bonus on the opinion, conclusion or valuation to be reached 
or on a preliminary estimate or opinion requested from an appraiser; 
E.  Request that an appraiser provide an estimated, predetermined or desired 
valuation in an appraisal report or provide estimated values or comparable sales at 
any time before the completion of an appraisal by an appraiser; 
F.  Provide to an appraiser an anticipated, estimated, encouraged or desired value for 
a subject property or a proposed or target amount to be loaned to a borrower, except 
that a copy of the sales contract for a purchase transaction may be provided; 
G.  Make any part of a fee paid to the appraiser or a fee paid by the appraisal 
management company contingent on a favorable outcome, including a loan closing or 
a specific valuation being achieved by the appraiser in the appraisal report; 
H.  Withhold or threaten to withhold timely payment for the completion of an 
appraisal assignment when the appraisal services that are the subject of the appraisal 
assignment are provided in accordance with a contract or other agreement between 
the parties; 
I.  Seek to influence an appraiser by withholding or threatening to withhold future 
business from an appraiser; 
J.  Seek to influence an appraiser by demoting or terminating or threatening to 
demote or terminate an appraiser; 
K.  Seek to influence an appraiser by expressly or impliedly promising future 
business, promotions or increased compensation for an appraiser; 
L.  Provide to an appraiser, or any person related to an appraiser, stock or other 
financial or nonfinancial benefits; 
M.  Allow the removal of an appraiser from an appraiser panel without prior written 
notice to the appraiser; 
N.  Obtain, use or pay for a second or subsequent appraisal or order an automated 
valuation model in connection with a mortgage financing transaction unless: 
(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; 
O.  Prohibit legal communication between an appraiser and a lender, real estate 
license holder or any other person from whom the appraiser believes information 
would be relevant; 
P.  Refuse to accept the results of a completed appraisal service by more than one 
appraiser if an appraiser provides substantial assistance to another appraiser in the 
preparation of the report, unless the appraisal assignment names an individual 
appraiser or the statement of work requires an unassisted report; or 
Q.  Require an appraiser to: 
(1)  Complete an appraisal service if the appraiser determines the appraiser does 
not have the necessary expertise for the specific geographic area and the 
appraiser has notified the company of that determination; 
(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; 
(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. 
2.  Construction.  Nothing in subsection 1 may be construed to prohibit: 
A.  An appraiser from reimbursing an appraisal management company for the actual 
cost of discretionary services provided to the appraiser; 
B.  An appraiser from voluntarily providing the appraiser's digital signature or seal to 
an appraisal management company; 
C.  An appraisal management company from asking an appraiser, after an appraisal 
report is delivered, to: 
(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; 
D.  An appraisal management company from requiring an appraiser to provide 
advance notice of and an opportunity for the appraisal management company to 
participate in any legal communications between the appraiser and a lender; or 
E.  An appraisal management company from providing to an appraiser a copy of an 
executed contract for a purchase transaction. 
§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.  Registration number 
The board shall issue a unique registration number to each appraisal management 
company registered in this State.  The board shall publish annually a list of registered 
appraisal management companies that have been issued a registration number pursuant to 
this section. 
§14049-J.  Advertising 
An appraisal management company registered in this State shall disclose the 
registration number provided to it by the board under section 14049-I on all print and 
electronic advertising, including any advertising or communication via the Internet. 
§14049-K.  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-L.  Background checks 
An appraisal management company registered or applying for registration in this 
State that requires an appraiser to submit to a criminal background check as a condition 
of employment or contractual relationship shall accept a criminal background check that 
has been performed within the preceding 12 months and that substantially conforms to 
the requirements for a criminal history records check to obtain a license under chapter 
124. 
§14049-M.  Disciplinary proceedings 
1.  Acts subject to disciplinary proceedings.  The board may initiate disciplinary 
proceedings against an appraisal management company registered in this State if the 
board determines an appraisal management company is attempting to perform, has 
performed or has attempted to perform any of the following acts: 
A.  Committing an act in violation of this chapter; 
B.  Violating a rule adopted by the board; or 
C.  Procuring a registration by fraud, misrepresentation or deceit. 
2.  Maine Administrative Procedure Act.  The board, after notice and opportunity 
for a hearing in accordance with the Maine Administrative Procedure Act, may issue an 
order imposing one or more of the following penalties if the board finds by a 
preponderance of the evidence that an appraisal management company has violated a 
provision of this chapter or rules adopted by the board pursuant to this chapter: 
A.  Revocation of the registration; 
B.  Suspension of the registration for a period not to exceed 2 years; 
C.  Stipulations, limitations, restrictions or conditions relating to conduct of the 
appraisal management company; 
D.  Censure, including specific redress, if appropriate; 
E.  Reprimand; and 
F.  Administrative fines not to exceed $5,000 per violation. 
§14049-N.  Board powers 
The board may: 
1.  Rule making.  Adopt rules necessary to implement, administer and enforce the 
provisions of this chapter.  Rules adopted pursuant to this subsection are routine technical 
rules as defined in Title 5, chapter 375, subchapter 2-A; 
2.  Applications.  Review and approve or deny an appraisal management company's 
application for initial registration; 
3.  Renewals.  Review and renew or refuse to renew an appraisal management 
company's registration; 
4.  Books and records.  Examine the books and records of an appraisal management 
company operating in the State and require the appraisal management company to submit 
reports, information and documents to the board; 
5.  Valid certifications.  Verify that an appraiser on an appraiser panel holds a valid 
state certification or license, as applicable; 
6.  Investigations.  Conduct investigations of appraisal management companies to 
assess potential violations of this chapter, rules adopted pursuant to this chapter or orders 
issued pursuant to this chapter; 
7.  Discipline.  Discipline an appraisal management company or suspend, terminate 
or refuse to renew the registration of an appraisal management company that violates this 
chapter, a rule adopted pursuant to this chapter or an order issued pursuant to this chapter; 
and 
8.  Report to federal appraisal subcommittee.   Report to the federal appraisal 
subcommittee an appraisal management company's violation of this chapter, a rule 
adopted pursuant to this chapter or an order issued pursuant to this chapter, as well as 
disciplinary and enforcement actions and other relevant information about an appraisal 
management company's operations. 
SUMMARY 
This bill enacts the Appraisal Management Company Registration Act.  Under the 
bill, appraisal management companies must obtain registration by the Board of Real 
Estate Appraisers.  Appraisal management companies are entities that provide appraisal 
management services to creditors or secondary mortgage market participants with 
appraisers who are employees of the entity or part of an appraiser panel made up of 
independent contractors, that provide services in connection with valuing a consumer's 
principal dwelling as security for a consumer credit transaction or incorporating such 
transactions into securitizations and that oversee appraiser panels in one or more states.  
Appraisal management services provided by appraisal management companies include 
recruiting, selecting and retaining appraisers; contracting with appraisers to perform 
appraisal assignments; managing the process of having an appraisal performed; and 
reviewing and verifying the work of appraisers.