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 […]
Section 11-508.1 – Lender Net Worth Requirements
(a) An applicant for a new license or for the renewal of a license shall satisfy the Commissioner that the applicant or licensee has, and at all times will maintain, a minimum tangible net worth computed according to generally accepted accounting principles or, with respect to an applicant or licensee described in item (1) of this […]
Section 11-509 – Investigation of Applicant; Issuance of License
(a) When an applicant for a license files the application and bond and pays the fees required by § 11-507 of this subtitle, the Commissioner shall investigate to determine if the applicant meets the requirements of § 11-506 of this subtitle. (b) The Commissioner shall approve or deny each application for a license within 60 days after […]
Section 11-510 – Denial of License
(a) If an applicant does not meet the requirements of this subtitle, the Commissioner shall: (1) Immediately notify the applicant in writing of this fact; (2) Return the bond filed under § 11-508 of this subtitle; (3) Refund the license fee; and (4) Keep the investigation fee. (b) Within 30 days after the Commissioner denies an application, the Commissioner shall: (1) File […]
Section 11-511 – Term and Renewal of Licenses
(a) Subject to any regulations the Commissioner adopts in connection with the transition to the Nationwide Mortgage Licensing System and Registry, an initial license term shall: (1) Begin on the day the license is issued; and (2) Expire on December 31 of the year: (i) The license is issued, if the license is issued before November 1; or (ii) Succeeding […]
Section 11-511.1 – Continuing Education
(a) By July 1, 2000, the Commissioner shall adopt regulations that set continuing education requirements as a condition to the renewal of licenses under this subtitle. (b) Any continuing education requirements established by the Commissioner under this section shall apply to the first renewal of a license.
Section 11-512 – Change of Place of Business; Change in Control
(a) (1) A licensee may not change the place of business for which a license is issued unless the licensee: (i) Notifies the Commissioner through NMLS of the proposed change; and (ii) Receives the approval of the Commissioner through NMLS. (2) Within 60 days after receiving a request for approval of a proposed change in the place of business for […]
Section 11-502 – Applicability
(a) In this section, “affiliate” means any company that controls, is controlled by, or is under common control with an institution described in subsection (c) of this section. (b) The provisions of this subtitle do not apply to: (1) Any bank, trust company, savings bank, savings and loan association, or credit union incorporated or chartered under the laws […]
Section 11-512.1 – Information Posted by Licensee at Licensed Location and on Website — Exclusion
(a) Each licensee shall conspicuously post, in 48 point or larger type, at the licensee’s licensed location the following information: (1) The licensee’s unique identifier; and (2) A statement advising consumers of the availability of the NMLS Consumer Access website to verify the licensing status of the licensee. (b) Each licensee shall conspicuously display the following information on the […]