Section 11-524 – Short Title
This subtitle may be cited as the Maryland Mortgage Lender Law.
Section 11-513 – Books and Records
(a) Each licensee shall keep and make available to the Commissioner at the licensee’s place of business any books and records that the Commissioner, by rule or regulation, requires to enable the Commissioner to enforce: (1) This subtitle; (2) Any rule or regulation adopted under this subtitle; and (3) Any other provision regulating the application, making, brokering, or servicing […]
Section 11-503.1 – Fee Regulations
(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 11-503.2 – Credit of Revenue From Licensing and Payment of Fines and Penalties Into Various Funds
(a) All revenue received for the licensing of persons under this subtitle and any other fee, examination or investigation fee or assessment, or revenue received by the Commissioner under this subtitle shall be: (1) Credited to the Nondepository Special Fund established under § 11–610 of this title; and (2) Used in accordance with § 11–610(c) of this title. […]
Section 11-504 – License or Registration Requirement
A person may not act as a mortgage lender unless the person is: (1) A licensee; or (2) A person exempted from licensing under this subtitle.
Section 11-505 – Licenses and Licensees Generally
(a) A license issued under this subtitle authorizes the licensee to act as a mortgage lender under the license at the licensed place of business. (b) Only one place of business may be maintained under any one license. (c) A mortgage lender may maintain more than one license under this subtitle provided that a separate application for each […]
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 […]