Section 11-609 – Term, Expiration, and Renewal of License
(a) Subject to any regulations the Commissioner adopts in connection with the transition to NMLS, an initial license term shall: (1) Begin on the first day the license is issued; and (2) Expire on December 31 of the year: (i) In which the license is issued, if the license is issued before November 1; or (ii) Succeeding the year in […]
Section 11-623 – Display of Unique Identifier
The unique identifier of a mortgage loan originator shall be clearly displayed as required by the Commissioner by regulation.
Section 11-610 – Nondepository Special Fund
(a) There is a Nondepository Special Fund that consists of: (1) Revenue received for the licensing of individuals under this subtitle; (2) Revenue received for the licensing of persons under Subtitle 2 of this title; (3) Revenue received for the licensing of persons under Subtitle 3 of this title; (4) Revenue received for the licensing of persons under Subtitle 4 […]
Section 11-624 – Prohibited and Permitted Acts
(a) A person subject to this subtitle may not, in connection with a mortgage loan or loan application: (1) Make a payment, threat, or promise, directly or indirectly, to another person for the purpose of influencing the person to violate any federal or State law, or any standard of professional practice recognized by the federal or State […]
Section 11-611 – Appropriations
For fiscal year 2006 and each fiscal year thereafter, the Governor shall include in the annual budget bill an appropriation to the Division of Financial Regulation for the purpose of creating necessary positions to implement the provisions of this subtitle.
Section 11-612 – Continuing Education
(a) Before applying for renewal of a license, a licensee shall complete at least 8 hours of continuing education, which shall include: (1) 3 hours of instruction on federal law and regulations relating to mortgage origination; (2) 2 hours of instruction on ethics, including instruction on fraud, consumer protection, and fair lending issues; and (3) 2 hours of training […]
Section 11-612.1 – Regulations — Fees
(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 11-612.2 – Expedited Licensing of Service Member, Veteran, or Military Spouse
(a) (1) In this section the following words have the meanings indicated. (2) (i) “Military spouse” means the spouse of a service member or veteran. (ii) “Military spouse” includes a surviving spouse of: 1. A veteran; or 2. A service member who died within 1 year before the date on which the license application, renewal, or change of status is submitted. (3) “Service […]
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 […]