An Act To Correct Errors and Inconsistencies in the Laws of Maine
Maine Legislature, Session 128, LD 1894
Committee Amendment CA_A-SA_A_S494 (Senate)
Amends: 32 MRSA §14049-K

SENATE AMENDMENT " A " to COMMITTEE AMENDMENT "A" to H.P. 
1327, L.D. 1894, Bill, "An Act To Correct Errors and Inconsistencies in the Laws of 
Maine" 
Amend the amendment by inserting after Part C the following: 
'PARTD 
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 D-1. 32 MRSA §§14041 to 14049-J, as repealed by 32 MRSA §14049-K, 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. 
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. 
"Appraisal assignment" does not include an appraisal review or quality control 
examination. 
3. Appraisal management company. "Appraisal management company" means a 
person that: 
A. 
Provides appraisal management services to creditors or secondary mortgage 
market participants with appraisers who are part of an appraiser panel that includes 
more than 15 appraisers who are independent contractors: 
B. Provides appraisal management services in connection with valuing a consumer's 
principal dwelling as security for a consumer credit transaction or incorporating such 
transactions into securitizations; and 
SENATE AMENDMENT 
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'.),, 
SENATE AMENDMENT" A" to COMMITTEE AMENDMENT "A" to H.P. 1327, L.D. 1894 
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 the work performed by an appraiser 
as part of an appraisal assignment, which may take into account 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 an act or process of completing an 
appraisal assignment. 
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 
as independent contractors 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. 
SENATE AMENDMENT 
SENATE AMENDMENT" A 
"to COMMITTEE AMENDMENT "A" to H.P. 1327, L.D. 1894 
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 f'mancial 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 
SENATE AMENDMENT 
SENATE AMENDMENT" A" to COMMITTEE AMENDMENT "A" to H.P. 1327, L.D. 1894 
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 
Q 
§14043. License required 
1. License. A person shall obtain a license 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. 
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2. Application. An applicant for licensure as an appraisal management company 
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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 
an initial license or an application for renewal of a license. 
SENATE AMENDMENT 
SENATE AMENDMENT "A "to COMMITTEE AMENDMENT "A" to H.P. 1327, L.D. 1894 
3'. 
Consent to service of process. An applicant for licensure as an appraisal 
management company shall complete an irrevocable consent to service of process as 
prescribed by the board. 
4. Information required. An appraisal management company licensed or applying 
to be licensed 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. 
5. 
Federally regulated appraisal management companies. 
Notwithstanding 
subsection 1, a federally regulated appraisal management company is not required to 
obtain a license from 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. 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 
1. 
Fee established by rule. 
The Director of the Office of Professional and 
Occupational Regulation within the Department of Professional and Financial Regulation 
may establish by rule fees for purposes authorized under this chapter in amounts that are 
reasonable and necessary for their respective purposes, except that the fee for any one 
purpose may not exceed $450 annually. Rules adopted pursuant to this section are 
routine technical rules as defmed in Title 5, chapter 375, subchapter 2-A. 
2. National ree:istrv fees. The board may collect from an applicant for licensure 
under this chapter and from a licensee and remit to the appropriate agency or 
instrumentality of the Federal Government any additional fees required to provide 
appraisal management services in connection with federally related transactions. 
§14046. Owner requirements 
1. License or certification as appraiser. An appraisal management company 
licensed or applying for or renewing a license 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 
SENATE AMENDMENT 
(, 
SENATE AMENDMENT" A 
"to COMMITTEE AMENDMENT "A" to H.P. 1327, L.D. 1894 
act as an appraiser refused, denied, cancelled, revoked or surrendered in lieu of a pending 
revocation in any state for substantive cause. An appraisal management company is not 
ineligible for a license under this subsection if the person's license or certificate to act as 
an appraiser was not revoked for substantive cause and the person has subsequently had 
the license or certificate 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 license or for renewal of a license 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, 
cancelled, revoked or surrendered in lieu of a pending revocation for substantive 
cause 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 licensed or applies for a license or renewal 
of a license 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 unless the license or certificate was 
subsequently granted or reinstated; 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 unless the license or 
certificate was subsequently granted or reinstated. 
SENATE AMENDMENT 
SENATE AMENDMENT "A "to COMMITTEE AMENDMENT "A"to H.P. 1327,L.D. 1894 
§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: 
1. Lack of trustworthiness. Lack of trustworthiness and competence to conduct 
appraisal management services in a manner that safeguards the interests of the public; 
2. Misconduct. The commission of an act or omission in the practice of appraisal 
management services that constitutes dishonesty, fraud or misrepresentation with the 
intent to benefit the licensee or another person or with the intent to injure another person; 
3. Court judgment. The entry of a final civil or criminal judgment against the 
licensee on grounds of fraud, misrepresentation or deceit in the provision of appraisal 
management services: 
4. Unauthorized payment. Payment of a finder's fee or a referral fee to a person 
who does not have an appraiser license under chapter 124 in connection with appraisal 
management services; 
5. Misrepresentation of professional qualifications. Permitting an employee of 
the licensee or a member of the licensee's appraisal panel to make a false or misleading 
statement in that portion of a written appraisal report that deals with professional 
qualifications or in any testimony concerning professional qualifications; 
6. Predetermined appraisal result. Accepting a fee for performing an appraisal 
service when, in fact, the fee is or was contingent upon the appraiser's reporting a 
predetermined analysis, opinion or conclusion or is or was contingent upon the analysis, 
opinion, conclusion or valuation reached or upon the consequences resulting from the 
appraisal assignment; 
7. Lack of diligence. Failure or refusal, without good cause, to exercise reasonable 
diligence in providing appraisal management services; 
8. 
Negligence or incompetence. 
Negligence or incompetence in performing 
appraisal management services; 
9. Breach of confidentiality. A violation of the confidential nature of individual, 
business or governmental records to which a licensee or applicant gained access through 
employment or engagement as an appraisal management company; 
10. Suspension or revocation of license. Having had a professional or occupational 
license suspended or revoked for disciplinary reasons or an application rejected for 
reasons related to untrustworthiness within 3 years prior to the date of application; and 
11. 
Failure to meet professional qualifications; failure to submit complete 
application. Failure to meet the professional qualifications for licensure as provided in 
this chapter or failure to submit a complete application within 30 days after being notified 
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of the materials needed to complete the application. 
SENATE AMENDMENT 
SENATEAMENDMENT"A "toCOMMITTEEAMENDMENT"A"toH.P.1327,L.D.1894 
§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. 
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. 
SENATE AMENDMENT 
SENATE AMENDMENT "A "to COMMITTEE AMENDMENT "A" to H.P. 1327, L.D. 1894 
§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 licensed or applying to be 
license or to renew a licensed 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 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, 
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 
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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 
SENATE AMENDMENT 
SENATE AMENDMENT" A "to COMMITTEE AMENDMENT "A" to H.P. 1327, L.D. 1894 
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. Prohibitions. An appraisal management company licensed under this chapter or 
an employee. director. officer or agent of an appraisal management company licensed 
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 
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assignment are provided in accordance with a contract or other agreement between 
the parties; 
SENATE AMENDMENT 
SENATE AMENDMENT" A "to COMMITTEE AMENDMENT "A" to H.P. 1327, L.D. 1894 
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; 
0. 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 
0. 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, 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; 
SENATE AMENDMENT 
.:) 
SENATE AMENDMENT" A "to COMMITTEE AMENDMENT "A" to H.P. 1327, L.D. 1894 
(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. 
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SENATE AMENDMENT" A" to COMMITTEE AMENDMENT "A" to H.P. 1327,._L.D. 1894 
§14049-1. 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: 
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 licensure pursuant to Title 10, section 8003; 
3. Renewals. Review and renew or refuse to renew an appraisal management 
company's license pursuant to Title 10, section 8003; 
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 pursuant to Title 10, chapter 901 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 license of an appraisal management company that violates this 
chapter, a rule adopted pursuant to this chapter or an order issued pursuant to this chapter 
pursuant to Title 10, section 8003, except that the board may impose a civil penalty of up 
to $5,000 for each violation of applicable laws, rules or conditions of licensure or for 
each instance of actionable conduct or activity; 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. 
Sec. D-2. Maine Revised Statutes headnote reenacted. In the Maine Revised 
Statutes, Title 32, chapter 124-A, chapter headnote, the words "appraisal management 
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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 
SENATE AMENDMENT 
SENATE AMENDMENT" A 
"to COMMITTEE AMENDMENT "A" to H.P. 1327, L.D. 1894 
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.' 
Amend the amendment by relettering or renumbering any nonconsecutive Part letter 
or section number to read consecutively. 
SUMMARY 
This amendment reenacts the Appraisal Management Company Licensing Act, which 
was repealed by its own terms on March 15, 2018. Public Law 2017, chapter 351 
attempted to retain the repealed Act but did not take effect until after the Act had been 
repealed. 
It provides that 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. It requires the board to 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. 
FISCAL NOTE REQUIRED 
SPONSORED BY: . 
t/" 
. ~ed/ 
~~~-) 
~~~~~~~~~~~~-
(Senator KEIM) 
COUNTY: Oxford 
SENATE AMENDMENT 
Approved: 04/25/18 feac: 
LD 1894 
LR2868(07) 
An Act To Correct Errors and Inconsistencies in the Laws of Maine 
Fiscal Note for Senate Amendment "ff to Committee Amendment "A" 
Sponsor: Sen. Keim of Oxford 
Fiscal Detail and Notes 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - Other Special Revenue Funds 
Minor revenue increase - Other Special Revenue Funds 
Additional costs to the Board of Real Estate Appraisers within the Office of Professional and Occupational 
Regulation, Department of Professional and Financial Regulation, to continue the administrative functions associated 
with the licensing requirement for appraisal management companies can be absorbed within existing budgeted 
resources. The amount of dedicated revenue to be received by the board from initial licensing and renewal fees can 
not be determined but is expected to be minor. 
LR2868(07) - Fiscal Note - Page 1 of 1