Section 11-506 – Qualifications for License
(a) To qualify for a license, an applicant shall satisfy the Commissioner that the applicant is of good moral character and has sufficient financial responsibility, business experience, and general fitness to: (1) Engage in business as a mortgage lender; (2) Warrant the belief that the business will be conducted lawfully, honestly, fairly, and efficiently; and (3) Command the confidence […]
Section 11-506.1 – Exemptions From License Requirement; Fingerprinting
(a) This section does not apply to any corporation the securities of which are exempt from registration under § 11–601(8) or (12) of the Corporations and Associations Article. (b) In connection with an initial application for a license under § 11–507 of this subtitle, and at any other time the Commissioner requests, an applicant or licensee shall […]
Section 11-507 – Applications for Licenses
(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 that the Commissioner requests. (2) The applicant shall comply with all conditions and provisions of the application for licensure […]
Section 11-508 – Surety Bonds
(a) With the application for a new license, an applicant shall file a surety bond with the Commissioner. (b) (1) The bond shall run to the Commissioner, as obligee, for the benefit of: (i) The State; and (ii) Any mortgage loan borrower who has been damaged by a violation committed by a licensee of any law or regulation governing the […]
Section 11-508.1 – Lender Net Worth Requirements
(a) An applicant for a new license or for the renewal of a license shall satisfy the Commissioner that the applicant or licensee has, and at all times will maintain, a minimum tangible net worth computed according to generally accepted accounting principles or, with respect to an applicant or licensee described in item (1) of this […]
Section 11-509 – Investigation of Applicant; Issuance of License
(a) When an applicant for a license files the application and bond and pays the fees required by § 11-507 of this subtitle, the Commissioner shall investigate to determine if the applicant meets the requirements of § 11-506 of this subtitle. (b) The Commissioner shall approve or deny each application for a license within 60 days after […]
Section 11-510 – Denial of License
(a) If an applicant does not meet the requirements of this subtitle, the Commissioner shall: (1) Immediately notify the applicant in writing of this fact; (2) Return the bond filed under § 11-508 of this subtitle; (3) Refund the license fee; and (4) Keep the investigation fee. (b) Within 30 days after the Commissioner denies an application, the Commissioner shall: (1) File […]
Section 11-511 – Term and Renewal of Licenses
(a) Subject to any regulations the Commissioner adopts in connection with the transition to the Nationwide Mortgage Licensing System and Registry, an initial license term shall: (1) Begin on the day the license is issued; and (2) Expire on December 31 of the year: (i) The license is issued, if the license is issued before November 1; or (ii) Succeeding […]
Section 11-418 – Incorrect Statements Prohibited
A person may not knowingly: (1) Make an incorrect statement of material fact in any application, report, or other statement filed under this subtitle; or (2) Fail to state any material fact that is necessary to give the Commissioner any information that the Commissioner requires under this subtitle.
Section 11-511.1 – Continuing Education
(a) By July 1, 2000, the Commissioner shall adopt regulations that set continuing education requirements as a condition to the renewal of licenses under this subtitle. (b) Any continuing education requirements established by the Commissioner under this section shall apply to the first renewal of a license.