MD SB817

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

Interested parties may submit additional market data or comparable sales data within 2 days of receiving notice, formatted similar to the Uniform Residential Appraisal Report comparable sales grid.

Final appraisal reports must include an "Appraisal Communication Addendum" documenting the notification date, parties notified, summary of additional data received, and the impact on the final valuation.

Lenders and appraisal management companies must monitor appraisals for compliance; the Commissioner of Financial Regulation may adopt implementing regulations.

The communication process may not be used to pressure or coerce appraisers, though participation alone does not constitute improper influence under state or federal law. Effective October 1, 2026.