Section 11-602 – General Consideration
(a) (1) The licensing provisions of this subtitle do not apply to independent contractors. (2) Independent contractors are subject to the licensing provisions of Subtitle 5 of this title unless exempt from licensing under that subtitle. (b) Unless exempted from this subtitle under subsection (d) of this section, an individual may not engage in the business of a mortgage […]
Section 11-603 – Powers of Licensees
(a) A license issued under this subtitle authorizes the licensee to act as a mortgage loan originator only when acting within the scope of employment with: (1) A mortgage lender; or (2) A person who is exempt from licensing as a mortgage lender. (b) A licensee may not: (1) Maintain more than one license under this subtitle; or (2) Be employed […]
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 […]
Section 11-515 – Investigatory Powers and Duties of Commissioner; Complaints
(a) (1) The Commissioner shall examine the business of each licensee: (i) In accordance with a schedule established by the Commissioner; and (ii) At any other time that the Commissioner reasonably considers necessary. (2) The schedule established by the Commissioner under paragraph (1)(i) of this subsection shall: (i) Take into account: 1. The length of time the licensee has been engaged in […]