6-991. Definitions In this article, unless the context otherwise requires: 1. " Affiliate" means an entity that directly or indirectly, through intermediaries, controls, is controlled by or is under common control with the entity specified. 2. " Clerical or support duties" means duties subsequent to the receipt of a residential mortgage loan application, including both […]
6-991.01. Exemptions This article does not apply to: 1. Registered loan originators. 2. An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence. 3. A person who is a responsible individual as described in section 6-903, 6-943 or 6-973 and who does not […]
6-991.02. Prohibited acts A. A loan originator acting on the loan originator’s own behalf shall not accept any monies or documents in connection with an application for a mortgage loan. B. An individual is not entitled to receive compensation in connection with arranging for or negotiating a mortgage loan if the individual is not licensed […]
6-991.03. Licensing; renewal; qualifications; application; fees A. A natural person shall not act as a loan originator unless the person is licensed under this article. B. The deputy director shall not grant a loan originator license to a person, other than a natural person. An applicant for an original loan originator’s license shall have done […]
6-991.04. Issuance of license; notice from employing mortgage broker, mortgage banker or consumer lender or registered exempt person; renewal; inactive status; address change; fee A. The deputy director, on determining that an applicant is qualified and has paid the required fees, shall issue a loan originator’s license to the applicant evidenced by a continuous certificate. […]
6-991.05. Denial, suspension or revocation of licenses A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee: 1. Has violated any law, rule or order. 2. Has been convicted of or pled guilty or nolo contendere to a […]
6-991.07. Examination; fee; definition A. Each applicant for an original loan originator license, before issuance of the license, shall take and pass an examination that is developed or otherwise deemed acceptable by the nationwide mortgage licensing system and registry established by the secure and fair enforcement for mortgage licensing act of 2008 (P.L. 110-289; 122 […]
6-991.08. Reasonable efforts to secure advantageous loan for borrower A loan originator shall make reasonable efforts to secure a loan that is reasonably advantageous to the borrower considering all of the circumstances, including the interest rates, charges and repayment terms of the loan.
6-991.09. Mortgage recovery fund; liability limits A. The deputy director shall establish and maintain a mortgage recovery fund consisting of the monies received by the deputy director pursuant to this article for the benefit of any person aggrieved by any act, representation, transaction or conduct of a licensed loan originator that violates this title or […]
6-991.10. Payments to the mortgage recovery fund A. In addition to any other fees, applicants shall pay an amount to be determined by the deputy director to the mortgage recovery fund on application for an original loan originator license. B. If, on June 30 of any year, the balance remaining in the mortgage recovery fund […]
6-991.11. Statute of limitations; service of summons; application for payment; insufficient monies; definition A. An action for a judgment that subsequently results in an order for payment from the mortgage recovery fund shall be started not later than five years after the accrual of the cause of action. B. If an aggrieved person commences an […]
6-991.12. Notice of claim to judgment debtor; response A. Within the same time prescribed by section 6-991.11, subsection C for applying for payment from the mortgage recovery fund, an aggrieved party who applies for payment shall serve notice of the claim on the judgment debtor, together with a copy of the application. The notice shall […]
6-991.13. Correction of deficiencies in the application A. If the deputy director determines that a claimant’s application fails to comply substantially with the requirements of section 6-991.11 or rules adopted pursuant to this article, the deputy director, within thirty calendar days after receiving the application, shall mail an itemized list of deficiencies to the claimant. […]
6-991.14. Investigation and discovery In considering and investigating an application, the department may use all appropriate means of investigation and discovery that are available pursuant to this article.
6-991.15. Final decision and order on claim; notice A. The deputy director shall make a final written decision and order on a claim within ninety calendar days after receiving a completed application except in the following cases: 1. A proration hearing is pending under section 6-991.11. 2. An application is deficient or fails to comply […]
6-991.16. Claimant’s right to appeal denial of claim; service of notice of appeal; response; failure to file response A. A claimant whose application is denied pursuant to section 6-991.15 may file within six months after receiving notice of a denial of the claim a verified application in the court in which judgment was entered in […]
6-991.17. Deputy director’s standing in court The deputy director may enter an appearance, file an answer, appear at the court hearing, defend the action or take whatever other action the deputy director considers appropriate on behalf and in the name of the mortgage recovery fund and take recourse through any appropriate method of review on […]
6-991.18. Subrogation of rights; collection A. Before receiving payment from the fund, a claimant must complete and execute, as judgment creditor, an assignment of judgment lien and notice of subrogation and assignment of rights to the claimant’s judgment on a form provided by the department. B. If the deputy director has paid from the mortgage […]
6-991.19. Waiver of rights The failure of an aggrieved person to comply with all of the provisions of this article constitutes a waiver of any rights.
6-991.20. Effect of article on disciplinary action This article does not limit the authority of the deputy director to take disciplinary action against any licensee for a violation of this chapter or of the rules adopted pursuant to this chapter. The repayment in full of all obligations to the fund by any licensee does not […]
