S.L. 371.21 Art. 20Property valuation.

(1) Creditors shall ensure that the standards applicable in Malta are used where they carry out a property valuation, or shall take reasonable steps to ensure that those standards are applied where a valuation is conducted by a third party.

(2) Creditors shall also ensure that internal and external appraisers conducting property valuations are professionally competent and sufficiently independent from the credit underwriting process relating to equity release financial products so that they can provide an impartial and objective valuation, which shall be documented in a durable medium and of which a record shall be kept by the creditor.