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The Commissioner may reinstate a suspended license or issue a new license to a person whose license has been revoked if, after investigation, the Commissioner is satisfied that the conditions that were the cause for the suspension or revocation have been corrected and are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.
Section 11-520 – Trade Names
A mortgage lender may not do business under any trade name that misrepresents or tends to misrepresent that the mortgage lender is: (1) A bank, trust company, or savings bank; (2) A savings and loan association; (3) A credit union; or (4) An insurance company.
Section 11-521 – Independent Evidence of Commercial Purpose
(a) A mortgage lender shall require a borrower to provide the mortgage lender with independent evidence of the commercial purpose of the loan where the loan is: (1) Secured, in whole or in part, by any interest in a dwelling or residential real estate in Maryland; and (2) In excess of $75,000. (b) Other than the requirements of subsection […]
Section 11-523 – Penalties
(a) Any person who willfully violates any provision of this subtitle or any rule or regulation adopted under it is guilty of a felony and on conviction is subject to a fine not exceeding $50,000 or imprisonment not exceeding 10 years or both. (b) Any unlicensed person who is not exempt from licensing under this subtitle who […]
Section 11-524 – Short Title
This subtitle may be cited as the Maryland Mortgage Lender Law.
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 […]