APPROVED CHAPTER
MARCH 14, 2024 543
BY GOVERNOR PUBLIC LAW
STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-FOUR
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H.P. 1324 - L.D. 2062
An Act to Amend the Laws Governing Real Estate Appraisers and Appraisal
Management Companies
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 32 MRSA §14011, sub-§7, as enacted by PL 2011, c. 286, Pt. L, §1, is
amended to read:
7. Exemption from standard. The following are exempt from the requirements of
the Uniform Standards of Professional Appraisal Practice, Standard 3 (2011), Standards 3
and 4 (2024):
A. A board member serving in the capacity of assigned complaint officer while
performing an investigation or testifying at an adjudicatory hearing;
B. A board member serving in the capacity of reviewer while reviewing the work
experience of an applicant for licensure; and
C. An investigator employed by or retained by the department while performing an
investigation or testifying at an adjudicatory hearing.
Sec. 2. 32 MRSA §14039, sub-§2, as enacted by PL 2013, c. 547, §18 and affected
by §19, is amended to read:
2. Certified level license required. A certified general real property appraiser or
certified residential real property appraiser who has held a license in any jurisdiction for a
minimum of 3 years and within the last 3 years has not had a license suspended or revoked
or been subject to other disciplinary action that limits the licensee's legal eligibility to
perform real estate appraisal activity may supervise a trainee real property appraiser.
Sec. 3. 32 MRSA §14042, sub-§4, as reenacted by PL 2017, c. 475, Pt. D, §1, is
amended to read:
4. Appraisal management service. "Appraisal management service" means one or
more of the following:
A. Recruiting, selecting and retaining appraisers;
B. Contracting with appraisers to perform appraisal assignments;
Page 1 - 131LR2699(03)
 C. Managing the process of having an appraisal performed, including, but not limited
to: providing administrative services such as receiving appraisal orders and appraisal
reports, submitting completed appraisal reports to creditors and secondary market
participants, collecting fees from creditors and secondary market participants for
services provided and paying appraisers for services performed; and
(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.
Sec. 4. 32 MRSA §14042, sub-§18, as reenacted by PL 2017, c. 475, Pt. D, §1, is
amended to read:
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, the Board of Governors of the Federal Reserve System; or the
Federal Deposit Insurance Corporation.
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Statutes affected:
Bill Text LD 2062, HP 1324: 32.14011, 32.14039, 32.14042
Bill Text ACTPUB , Chapter 543: 32.14011, 32.14039, 32.14042