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 […]
Section 11-606.1 – Written Tests
(a) To qualify for an initial license, an applicant shall pass a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry. (b) A written test may not be treated as a qualified written test for purposes of subsection (a) […]
Section 11-516 – Order to Stop Doing Business
(a) If the Commissioner finds that the conduct of any other business conceals a violation or evasion of this subtitle or of any rule or regulation adopted under this subtitle, or of any law regulating mortgage loan lending in the State, the Commissioner may issue a written order to a licensee to: (1) Stop doing business at […]
Section 11-517 – Suspension or Revocation of License; Enforcement of Subtitle, Regulations, etc.; Employment of Mortgage Originators
(a) Subject to the hearing provisions of § 11-518 of this subtitle, the Commissioner may suspend or revoke the license of any licensee if the licensee or any owner, director, officer, member, partner, stockholder, employee, or agent of the licensee: (1) Makes any material misstatement in an application for a license; (2) Is convicted under the laws of […]
Section 11-518 – Hearings
(a) Before the Commissioner takes any action under § 11-516 or § 11-517 of this subtitle, the Commissioner shall give the licensee an opportunity for a hearing. (b) Notice of the hearing shall be given and the hearing shall be held in accordance with the Administrative Procedure Act. (c) The hearing notice to the licensee shall be sent […]
Section 11-519 – Reinstatement of Suspended License; Issuance of New License After Revocation
The Commissioner may reinstate a suspended license or issue a new license to a person whose license has been revoked if, after investigation, the Commissioner is satisfied that the conditions that were the cause for the suspension or revocation have been corrected and are unlikely to recur.