MD HB1299

Appraisers must notify the point of contact and interested parties (buyers, sellers, real estate agents, property owners) before finalizing an appraisal if the preliminary appraised value may be less than the contract price or estimated refinance value.

Requestors and interested parties have 2 days after receiving notice to submit additional market data or comparable sales data in a format similar to the Uniform Residential Appraisal Report sales grid.

Final appraisal reports must include an "Appraisal Communication Addendum" documenting the notification date, parties notified, summary of data received, and impact on valuation—with explanation required if additional information did not change the appraised value.

Lenders and appraisal management companies must monitor residential appraisals for compliance with these communication requirements, and the Commissioner of Financial Regulation may adopt implementing regulations.

Effective October 1, 2026; prohibits using this process to pressure or coerce appraisers, while protecting participants from claims that normal participation constitutes improper influence.