(a) In this subtitle the following words have the meanings indicated. (b) “Borrower” means an individual who obtains a loan or advance of money. (c) “Commissioner” means the Commissioner of Financial Regulation. (d) “Finder’s fee” means any compensation or commission directly or indirectly imposed by a broker and paid by or on behalf of the borrower for the broker’s […]
This subtitle does not apply to any loan: (1) Described in § 12–103(e) of this title; or (2) Made by motor vehicle or recreational vehicle dealers in connection with the sale of their vehicles.
A mortgage broker may not be a director, officer, or employee of any lender where he places a loan.
(a) A mortgage broker may charge a finder’s fee not in excess of 8 percent of the amount of the loan or advance. (b) In addition to a finder’s fee, a mortgage broker may charge a borrower for the actual cost of: (1) Any appraisal, credit report, condominium document, or subordination agreement document obtained by the mortgage broker […]
(a) A mortgage broker may not receive any fee in the form of a note, mortgage, or other evidence of indebtedness. (b) Payment of the finder’s fee to the mortgage broker out of the proceeds of the loan is not considered as interest to the lender if the finder’s fee is not in excess of that permitted […]
A borrower is entitled to a refund of any finder’s fee paid to a mortgage broker if: (1) The loan transaction is not made to the borrower; or (2) The borrower exercises his right to rescind the loan transaction under the federal Truth in Lending Act or any similar federal or State law.
Any mortgage broker who violates any provision of this subtitle shall forfeit to the borrower the greater of: (1) Three times the amount of the finder’s fee collected; or (2) The sum of $500.
A licensed real estate broker, insurer, salesman, attorney-at-law, or agent thereof who arranges or procures a mortgage may not collect a finder’s fee if, in addition to acting as broker under this subtitle, he is also acting as a real estate broker, insurer, salesman, attorney-at-law, or agent thereof in connection with the subject property or […]
The provisions of this subtitle may not be used to circumvent the provisions of § 12–108 of this title.
