Section 11-613 – Investigations
(a) (1) Any person aggrieved by the conduct of a licensee under this subtitle in connection with a mortgage loan may file a written complaint with the Commissioner who shall investigate the complaint. (2) The Commissioner may make any other investigation of a licensee if the Commissioner has reasonable cause to believe that the licensee has violated any […]
Section 11-614 – Order to Stop Operations
(a) If the Commissioner finds that the conduct of any other business conceals a violation or evasion of this subtitle or any rule or regulation adopted under this subtitle, or any law regulating mortgage lending or mortgage origination in the State, the Commissioner may issue a written order to a licensee to stop doing business: (1) At […]
Section 11-615 – Violations; Penalties
(a) Subject to the hearing provisions of § 11–616 of this subtitle, and except as provided in subsection (f) of this section, the Commissioner may suspend or revoke the license of any licensee if the licensee: (1) Makes any material misstatement in an application for a license; (2) Is convicted under the laws of the United States or […]
Section 11-603.1 – Affiliated Insurance Producer-Mortgage Loan Originator
(a) In this section, “affiliated insurance producer–mortgage loan originator” means an individual who: (1) Originates mortgage loans only on behalf of a single financial institution that is: (i) Described in § 11–502(b)(1) of this title; and (ii) Approved by the Commissioner under subsection (b) of this section; (2) Is a licensed insurance producer in good standing under § 10–103 of […]
Section 11-513 – Books and Records
(a) Each licensee shall keep and make available to the Commissioner at the licensee’s place of business any books and records that the Commissioner, by rule or regulation, requires to enable the Commissioner to enforce: (1) This subtitle; (2) Any rule or regulation adopted under this subtitle; and (3) Any other provision regulating the application, making, brokering, or servicing […]
Section 11-604 – Application
(a) (1) To apply for a license, an applicant shall: (i) Complete, sign, and submit to the Commissioner an application made under oath in the form, and in accordance with the process, that the Commissioner requires; and (ii) Provide all information as requested by the Commissioner. (2) The applicant shall comply with all conditions and provisions of the application for […]
Section 11-513.1 – Quarterly Call Reports
(a) A licensee shall submit to NMLS a call report once each quarter on the date, in the form, and containing the information required by NMLS. (b) A mortgage lender who is exempt from licensing under this subtitle shall submit the call reports required under subsection (a) of this section on behalf of its mortgage loan originators […]
Section 11-605 – Qualifications for License
(a) The Commissioner may not issue a mortgage loan originator license unless the Commissioner makes, at a minimum, the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction; (2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, […]
Section 11-514 – Surrender of License
(a) A licensee may surrender a license through NMLS in accordance with the process that the Commissioner requires. (b) The surrender of a license does not affect any civil or criminal liability of a licensee for acts committed before the license was surrendered.
Section 11-606 – Prelicensing Education Courses
(a) To qualify for an initial license, an applicant shall complete at least 20 hours of prelicensing education that shall include: (1) 3 hours of instruction on federal law and regulations relating to mortgage origination; (2) 3 hours of instruction on ethics, including instruction on fraud, consumer protection, and fair lending issues; and (3) 2 hours of training related […]