Section 11-601 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Borrower” has the meaning stated in § 11–501 of this title. (c) “Clerical or support duties” includes the following activities relating to the processing or underwriting of a mortgage loan when performed subsequent to the receipt of a loan application: (1) The receipt, collection, distribution, and analysis […]
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 11-502 – Applicability
(a) In this section, “affiliate” means any company that controls, is controlled by, or is under common control with an institution described in subsection (c) of this section. (b) The provisions of this subtitle do not apply to: (1) Any bank, trust company, savings bank, savings and loan association, or credit union incorporated or chartered under the laws […]
Section 11-512.1 – Information Posted by Licensee at Licensed Location and on Website — Exclusion
(a) Each licensee shall conspicuously post, in 48 point or larger type, at the licensee’s licensed location the following information: (1) The licensee’s unique identifier; and (2) A statement advising consumers of the availability of the NMLS Consumer Access website to verify the licensing status of the licensee. (b) Each licensee shall conspicuously display the following information on the […]
Section 11-503 – Rules and Regulations
The Commissioner may adopt rules and regulations to carry out the provisions of this subtitle.
Section 11-503.1 – Fee Regulations
(a) The Commissioner shall set by regulation the fees provided for in this subtitle. (b) The fees established by the Commissioner under this section shall be reasonable and set in a manner that will produce funds sufficient to cover the actual direct and indirect costs of regulating licensees in accordance with the provisions of this subtitle. (c) The […]
Section 11-503.2 – Credit of Revenue From Licensing and Payment of Fines and Penalties Into Various Funds
(a) All revenue received for the licensing of persons under this subtitle and any other fee, examination or investigation fee or assessment, or revenue received by the Commissioner under this subtitle shall be: (1) Credited to the Nondepository Special Fund established under § 11–610 of this title; and (2) Used in accordance with § 11–610(c) of this title. […]
Section 11-504 – License or Registration Requirement
A person may not act as a mortgage lender unless the person is: (1) A licensee; or (2) A person exempted from licensing under this subtitle.
Section 11-505 – Licenses and Licensees Generally
(a) A license issued under this subtitle authorizes the licensee to act as a mortgage lender under the license at the licensed place of business. (b) Only one place of business may be maintained under any one license. (c) A mortgage lender may maintain more than one license under this subtitle provided that a separate application for each […]