(a) Generally. Matters that are arbitrable under this subtitle shall be arbitrated in accordance with the following provisions.
(b) Arbitration panel. The arbitration panel shall consist of three members. The first arbitrator shall be selected by the Director, and the second arbitrator shall be selected by the licensee within 10 days of notice of the Director's selection. The third arbitrator shall be a certified public accountant and shall be chosen by the first two arbitrators. If the first two arbitrators fail to agree as to the third arbitrator, either or both shall apply to the American Arbitration Association or its successor organization to name the third arbitrator. Except when the majority of the panel agrees to the contrary, the third arbitrator shall be the presiding officer.
(c) Expenses. Each party shall bear the expenses of its own representation before the arbitration panel. The expenses of the arbitration shall be borne as determined by the arbitration panel in its decision or finding.
(d) Decision. In the absence of fraud or collusion, the determination of the majority of the arbitration panel shall be binding on the parties without recourse to the Board of Appeals or the courts.
(e) Regulations. The Director may adopt regulations implementing the provisions of this subsection that include rules of procedure governing the arbitration.
(1985 Code, Art. 16, § 2-329) (Bill No. 96-91)