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 11-515 – 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 11-516 – 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The Commissioner may reinstate a suspended license or issue a new license to a person whose license has been revoked if, after investigation, the Commissioner is satisfied that the conditions that were the cause for the suspension or revocation have been corrected and are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.
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.