(a)      The directors and officers of a financial institution shall develop and implement written:

            (1)      Policies governing real estate appraisal; and

            (2)      Procedures governing the hiring and performance of real estate appraisers.

      (b)      The procedures required under subsection (a)(2) of this section shall set forth specific factors to be considered by the financial institution's directors and officers, including:

            (1)      Whether the appraiser is licensed or certified under the Business Occupations and Professions Article; and

            (2)      The real estate appraiser's:

                  (i)      Professional education; and

                  (ii)      Experience in real estate appraising.

      (c)      Prior to implementation, a financial institution shall submit its real estate appraisal policies and procedures to the Commissioner for review and approval.