reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.03 - Procedure for Handling Applications › Section 09.03.03.04 - Solicitation of Comments

Current through Register Vol. 51, No. 14, July 12, 2024
In addition to publication under Regulation .03 of this
				  chapter, the Commissioner of Financial Regulation may solicit comments from
				  each person or organization he believes has information concerning the
				  application.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.03 - Procedure for Handling Applications › Section 09.03.03.05 - Comments and Request for a Hearing

Current through Register Vol. 51, No. 14, July 12, 2024
Any interested person or organization may submit to the
				  Commissioner of Financial Regulation written comments concerning the
				  application. These comments and all requests for a hearing should be received
				  by the Commissioner of Financial Regulation within 20 calendar days from the
				  date of publication under Regulation .03 of this chapter.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.03 - Procedure for Handling Applications › Section 09.03.03.06 - Public Information

Current through Register Vol. 51, No. 14, July 12, 2024
The Commissioner's file on the application shall include all
				  information received from any person or organization in regard to that
				  application. The information available for public inspection consists of that
				  portion of the file which may be disclosed under State Government Article,
				  Title 10, Subtitle 6 (Access to Public Records) and Financial Institutions
				  Article, §
									5-209
				  (Confidentiality of Information), Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.03 - Procedure for Handling Applications › Section 09.03.03.07 - Scheduling of a Hearing

Current through Register Vol. 51, No. 14, July 12, 2024
The Commissioner of Financial Regulation may schedule a
				  hearing on the application in the following instances:
A. Upon a request made within the time limit
				set forth in Regulation .05 of this chapter by a person or organization other
				than the applicant, unless the Commissioner of Financial Regulation finds that
				the objections raised to the application are frivolous and
				insubstantial;
B. Upon specific
				request of the applicant in the application; or
C. If he deems a hearing helpful in obtaining
				additional information.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.03 - Procedure for Handling Applications › Section 09.03.03.08 - Notice of Hearings

Current through Register Vol. 51, No. 14, July 12, 2024
If a hearing is scheduled, at least 20 calendar days before
				  the scheduled date of the hearing, notice shall be mailed to:
A. The applicant;
B. Those who made a timely request for a
				hearing under Regulation .05 of this chapter; and
C. Other persons designated by the Presiding
				Officer.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.03 - Procedure for Handling Applications › Section 09.03.03.09 - Hearing Rules

Current through Register Vol. 51, No. 14, July 12, 2024
A. Only the persons
				or organizations receiving notice under Regulation .08 of this chapter are
				parties to the hearing.
B. All
				hearings shall be open to the public.
C. Each party to the hearing shall be
				permitted to make a short opening statement outlining his position.
D. Following the opening statements, the
				applicant and then each of the other parties to the hearing shall present its
				data and materials, oral and documentary.
E. Each party is responsible for obtaining
				the party's witnesses for the hearing. All witnesses shall be sworn.
F. The Presiding Officer may admit and give
				probative effect to evidence which possesses probative value commonly accepted
				by reasonable and prudent men in the conduct of their affairs. The Presiding
				Officer shall give effect to the rules of privilege recognized by law. He may
				exclude incompetent, irrelevant, immaterial, and unduly repetitious
				evidence.
G. Each party may
				cross-examine the witnesses who testify and may submit rebuttal
				evidence.
H. At appropriate points
				during a hearing, the Presiding Officer may recognize anyone for the purpose of
				asking questions of a witness. The hearing panel may call witnesses of its own
				or recall witnesses of a party for the purpose of eliciting facts or opinions.
				The hearing panel may call for the production of documents relevant to the
				proceedings and may file them in the case.
I. The Presiding Officer shall arrange to
				have all hearings recorded. Parties requesting copies of the transcript shall
				bear the expense of the copies.
J.
				The record shall consist of all the information submitted to the Presiding
				Officer and the testimony and exhibits presented at the hearing that
				information which is protected from disclosure in accordance with Regulation
				.06 of this chapter does not lose that status by virtue of its having been
				considered by the hearing panel.
K.
				Judicial Notice and Expertise. The Presiding Officer may take notice of
				judicially cognizable facts and, in addition, may take notice of general,
				technical, or scientific facts within his specialized knowledge. The parties
				shall be notified either before or during the hearing, or by reference in
				preliminary reports or otherwise, of the material so noticed, and shall be
				afforded an opportunity to contest the facts so noticed. The Presiding Officer
				may utilize his experience, technical competence, and specialized knowledge,
				and that of the other members of the hearing panel, in the evaluation of the
				evidence presented to the hearing panel.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.03 - Procedure for Handling Applications › Section 09.03.03.10 - Decision

Current through Register Vol. 51, No. 14, July 12, 2024
If a hearing is held, the Presiding Officer shall state his
				  decision and reasons for it in writing. A copy of the decision and reasons
				  shall be mailed to all parties.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.03 - Procedure for Handling Applications › Section 09.03.03.11 - Retained Authority

Current through Register Vol. 51, No. 14, July 12, 2024
If the Presiding Officer in his sole discretion determines
				  that the operation of any of the aforegoing rules in a particular case would
				  not aid him in fulfilling his statutory duties, and if he shall also determine
				  that the suspension or modification of the rule in question would not prevent
				  him from handling the application in an efficient and orderly manner, he may
				  suspend or modify the rule accordingly and shall so notify the
				  parties.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.04 - Retail Installment Sellers › Section 09.03.04.01 - Repossession

Current through Register Vol. 51, No. 14, July 12, 2024
In every case where written notice is delivered or sent to
				  the obligor as required by Commercial Law Article, §
									12-624(d),
				  Annotated Code of Maryland, this notice will state, as part of the buyer's
				  right to redeem and the amount payable for it, the following:
A. If written notice of intention to
				repossess was served on the buyer pursuant to Commercial Law Article, §
									12-624(c),
				Annotated Code of Maryland, the actual cost of towing or retaking, the exact
				daily rate of storage, and any other costs relating to retaking and storing
				which the buyer may be required to pay shall be stated in the notice.
B. If written notice of intention to
				repossess was not served on the buyer pursuant to Commercial Law Article,
				§
									12-624(c),
				Annotated Code of Maryland, the notice shall state that:
(1) The buyer is not required to pay any of
				the expenses of retaking or storing and
(2) If there is an attempt by any person to
				require the buyer to pay any amount for retaking or storing, the charge is
				illegal.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.04 - Retail Installment Sellers › Section 09.03.04.02 - Application of Proceeds of Resale by Holder of Repossessed Goods

Current through Register Vol. 51, No. 14, July 12, 2024
A. In all cases of
				private sale of repossessed goods, a full accounting shall be made to the buyer
				in writing. The seller shall retain a copy of this accounting for at least 24
				months.
B. The accounting shall
				contain the following information:
(1) The
				unpaid balance at the time the goods were repossessed;
(2) The refund credit of unearned finance
				charges and insurance premiums, if any;
(3) The remaining net balance;
(4) The proceeds of the sale of the
				goods;
(5) The remaining deficiency
				balance, if any, or the amount due the buyer;
(6) All expenses incurred as a result of the
				sale;
(7) The purchaser's name,
				address, and business;
(8) The
				number of bids sought and received; and
(9) Any statement as to the condition of the
				goods at the time of repossession which would cause their value to be increased
				or decreased above or below the market value for goods of like kind and
				quality.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.01 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter governs the conduct of any person engaged in
				  mortgage lending, mortgage brokering, or mortgage servicing of loans secured by
				  residential real estate located in this State, unless specifically exempt from
				  licensure under Financial Institutions Article, §
									11-502,
				  Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.03 - Delivery and Receipt of Mortgage Disclosures

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensee shall be deemed to have
				complied with a requirement under Commercial Law Article, Title 12, Subtitles
				1, 3, 4, 8, 9, or 10, Annotated Code of Maryland, to provide a written
				disclosure or agreement within a specified time period after the date the loan
				application is completed if the mortgage disclosure or agreement is provided to
				an applicant in person, or placed in the mail, before the end of the time
				period specified in the applicable statute.
B. Electronic Disclosures.
(1) Mortgage disclosures required by
				Commercial Law Article, Title 12, Subtitles 1, 3, 4, 8, 9, 10, 12, or 13,
				Annotated Code of Maryland, may be provided to an applicant in electronic form,
				subject to compliance with the consumer consent and other applicable provisions
				of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. §
											7001 et seq.) and the Maryland Uniform
				Electronic Transactions Act (Commercial Law Article, Title 21, Annotated Code
				of Maryland).
(2) For the purpose
				described in §A of this regulation, unless otherwise agreed between the
				licensee and an applicant, the time of sending and receipt of a mortgage
				disclosure sent as an electronic record shall be governed by Commercial Law
				Article, §
										21-114, Annotated Code
				of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.04 - Licensing and Application Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Scope.
(1) If otherwise required to be licensed
				under Financial Institutions Article, §
										11-502,
				Annotated Code of Maryland, a person is not exempt because the person:
(a) Is an out-of-State deposit-taking
				financial institution;
(b) Does not
				have offices in Maryland;
(c) Does
				not have tax situs in Maryland; or
(d) Is not required to register as a foreign
				corporation doing business in Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.05 - Records

Current through Register Vol. 51, No. 14, July 12, 2024
A. Preservation of
				Records.
(1) A licensee shall preserve the
				records of a mortgage loan in one or more of the following ways:
(a) Original books, accounts, and
				files;
(b) An approved electronic
				equivalent; or
(c) An approved
				microphotographic copy.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.06 - Advertising and Solicitation

Current through Register Vol. 51, No. 14, July 12, 2024
A. A
				person may not publish, or cause to be published, any advertisement, or make or
				cause to be made any representation, that:
(1) Contains any false, misleading, or
				deceptive statements regarding the making, brokering, or servicing of mortgage
				loans; or
(2) Misrepresents terms,
				availability, rates, or charges incident to a mortgage loan.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.07 - Financing Agreements

Current through Register Vol. 51, No. 14, July 12, 2024
A. For
				purposes of Commercial Law Article, 12-125, 12-922, and 12-1022, Annotated Code
				of Maryland:
(1) An application is completed
				at the time of initial application;
(2) Settlement occurs when the loan proceeds
				are disbursed by the person conducting settlement to the borrower or to third
				parties as required by the lender's instructions;
(3) Settlement has not occurred when the loan
				proceeds are disbursed from the lender to the custody of an escrow agent
				pending expiration of a time period during which the borrower is entitled by
				statute to rescind the loan.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.08 - Agreements with the Borrower

Current through Register Vol. 51, No. 14, July 12, 2024
A.
				Written Agreements.
(1) Agreements between a
				borrower and a licensee shall be:
(a) In
				writing; and
(b) Provided promptly
				to the borrower following execution by all parties.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.09 - Loan Processing

Current through Register Vol. 51, No. 14, July 12, 2024
A. A
				mortgage lender:
(1) May not cause or permit
				any loan to be characterized as a commercial loan if there are circumstances
				known to the licensee which indicate that any portion of the loan proceeds will
				not be used for commercial purposes;
(2) Which cannot guarantee acceptance of a
				borrower's application into a particular loan program, shall disclose that fact
				to the applicant in writing;
(3)
				Shall keep an applicant generally informed of the progress of the processing of
				a loan application in the event that problems arise in the processing or
				underwriting of a loan which may delay closing; and
(4) Shall comply with all State and federal
				laws and regulations applicable to a particular loan.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.10 - Fees

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensee may
				not retain a fee, or any portion of a fee, collected from the borrower if the
				fee is represented as a charge to be paid to a third party for services in
				connection with the loan.
B. Timing
				of Collection.
(1) If a financing agreement
				is required under Commercial Law Article, amp;pound;§ 12-125, 12-922, or
				12-1022, Annotated Code of Maryland, and these regulations, a licensee may not
				collect any fee from the applicant before providing the financing agreement
				executed by the lender.
(2)
				Notwithstanding §B(1) of this regulation, a licensee may collect fees
				which are to be fully paid to third parties for services in connection with the
				loan, before providing a financing agreement.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.11 - Closing

Current through Register Vol. 51, No. 14, July 12, 2024
A. Disbursement of
				Loan Proceeds.
(1) A licensee shall disburse
				all loan proceeds in a timely manner as provided in the loan documents.
(2) Disbursement of all loan
				proceeds to a third-party closing agent is deemed compliance with this
				section.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.12 - Brokers

Current through Register Vol. 51, No. 14, July 12, 2024
A. A person acting
				as a mortgage broker in a loan transaction may not obtain an exclusive dealing
				or exclusive agency agreement from any borrower.
B. Notwithstanding §A of this
				regulation, a person acting as a mortgage broker may obtain an agreement from a
				borrower that, in the event the loan is not made, restricts the borrower from
				obtaining a loan within 180 days after the borrower's initial application to
				the broker, from any lender identified to the borrower by the broker.
C. Fees.
(1) Except for a fee to be paid to a third
				party for services in connection with the loan, a person acting as a broker in
				a loan transaction may not collect a fee from an applicant before the loan is
				closed.
(2) Section C(1) does not
				authorize any fee not permitted under applicable sections of Commercial Law
				Article, Title 12, Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.13 - Expedition

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensee shall
				act expeditiously in processing and underwriting loan applications.
B. A licensee may not:
(1) Issue any agreement that locks in or sets
				an interest rate and points on the loan applied for, if the licensee knows that
				the time period established in the agreement after which the rate may change is
				not sufficient for the loan to be closed;
(2) Accept more applications than the
				licensee can reasonably expect to be processed and closed within established
				lock-in periods; or
(3) Delay the
				settlement of a loan with the specific intent to, and for the purpose of:
(a) Increasing any cost to the borrower, or
(b) Avoiding any legal obligation
				to the borrower.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.14 - Payoff and Accounting Statements-Releases

Current through Register Vol. 51, No. 14, July 12, 2024
A. Within 5 business days after written
				request by the borrower, a licensee shall provide the borrower or the
				borrower's designee with a written statement of the dollar figure which will
				repay a loan in full.
B. Upon
				written request by the borrower, a licensee shall provide, within a reasonable
				time, but not in excess of 45 days, an accounting statement to the borrower,
				setting forth:
(1) All payments made on the
				loan;
(2) All amounts credited to
				principal and interest; and
(3)
				Any other charges.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.15 - Waivers

Current through Register Vol. 51, No. 14, July 12, 2024
A. An act,
				agreement, or statement of an applicant may not constitute a valid waiver of
				any benefit or protection provided to an applicant under these regulations or
				applicable law.
B. Nothing in this
				regulation affects the validity of any waiver specifically permitted under the
				Commercial Law Article, Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.16 - Bonds, Letters of Credit, and Trust Accounts

Current through Register Vol. 51, No. 14, July 12, 2024
A. The required amount of a bond, letter of
				credit, or trust account established to meet the requirements of Financial
				Institutions Article, §
									11-508,
				Annotated Code of Maryland, shall be year following the expiration of the
				period for which it is issued subject to recalculation at the time a license is
				renewed.
B. The Commissioner shall
				use information provided by the licensee as well as the licensee's last four
				quarterly call reports filed with NMLS to recalculate the required amount of
				the bond, letter of credit, or trust account.
C. Restitution awarded and to be paid from a
				letter of credit or trust account shall be paid as follows:
(1) Awards resulting from individual
				complaints shall be paid in the order in which they are received by the
				Commissioner;
(2) Awards resulting
				from an examination by the Commissioner that will exceed the total available
				under the letter of credit or trust account shall be paid on a pro rata
				basis;
(3) Claims against a letter
				of credit or trust account shall be filed by a claimant with the Commissioner
				within 3 years after the occurrence from which the claim arises; and
(4) Notwithstanding §C(1) of this
				regulation, if the aggregate amount of all pending claims exceeds the amount of
				the letter of credit or trust account, the Commissioner may require a prorated
				distribution.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.17 - Enforcement

Current through Register Vol. 51, No. 14, July 12, 2024
A person who violates these regulations is subject to the
				  enforcement provisions of Financial Institutions Article, §
									11-517,
				  Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.18 - Continuing Education

Current through Register Vol. 51, No. 14, July 12, 2024
A. Purpose
				and Applicability.
(1) The State legislature
				has determined that it is in the public interest to require licensees to comply
				with a continuing education requirement as a prerequisite to the renewal of a
				mortgage lender license.
(2) The
				continuing education requirement does not apply to the original application for
				a license.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.19 - Ability to Repay

Current through Register Vol. 51, No. 14, July 12, 2024
A. Purpose and
				Scope.
(1) The General Assembly has
				determined that it is in the public interest to require lenders to comply with
				special rules with respect to certain mortgage loans.
(2) This regulation applies to loans subject
				to Commercial Law Article, §§
										12-127,
				12-311,
				12-409.1, and
				12-1029, Annotated
				Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.20 - Duty of Care

Current through Register Vol. 51, No. 14, July 12, 2024
A. Good Faith and
				Fair Dealing. A licensee has a duty of good faith and fair dealing in
				communications, transactions, and course of dealings with a borrower in
				connection with the advertisement, solicitation, making, servicing, purchase,
				or sale of any mortgage loan, including, but not limited to:
(1) The duty to recommend to a borrower or
				induce a borrower to enter into only a mortgage loan refinancing that has a net
				tangible benefit to a borrower, considering all of the circumstances, including
				the terms of a loan, the cost of a loan, and the borrower's
				circumstances;
(2) The duty to
				provide to a borrower who is offered a higher-priced mortgage loan information
				about the non-higher-priced mortgage loans that the licensee can make available
				and for which the borrower may qualify; and
(3) The duty when servicing mortgage loans
				to:
(a) Promptly provide borrowers with an
				accurate accounting of the debt owed when borrowers request an
				accounting;
(b) Make borrowers in
				default aware of loss mitigation options and services offered by the
				licensee;
(c) Provide trained
				personnel and telephone facilities sufficient to promptly answer and respond to
				borrower inquiries regarding their mortgage loans; and
(d) Pursue loss mitigation when
				possible.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.21 - Nontraditional and Higher-Priced Mortgage Loans

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this regulation, the following terms
				have the meanings indicated:
(1)
				"Interest-only mortgage loan" means a mortgage loan on which, for a specified
				period of time, the borrower is required to:
(a) Pay only the interest due on the mortgage
				loan; and
(b) After the
				interest-only period ends, make payments that include both principal and
				interest.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.22 - Fees

Current through Register Vol. 51, No. 14, July 12, 2024
A. Application
				Investigation Fee. The nonrefundable investigation fee required by Financial
				Institutions Article, §ll-507(b)(l), Annotated Code of Maryland, is
				$1.
B. Initial License Fee.
(1) The license fee required by Financial
				Institutions Article, §
										11-507(b)(2),
				Annotated Code of Maryland, is $1,000 for a 1-year license term.
(2) In addition to the initial license fee
				set forth in §B(1) of this regulation, an applicant for a license shall
				pay to NMLS the license application processing fee and any other fees that NMLS
				imposes in connection with the application.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.23 - Supervision of Mortgage Loan Originators

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensee who is the employer of a
				mortgage loan originator shall at all times reasonably and adequately supervise
				those activities of the mortgage loan originator that are conducted within the
				scope of the mortgage loan originator's employment.
B. In order to determine whether supervision
				by the licensee is reasonable and adequate, the Commissioner may consider
				factors that include the following:
(1) The
				availability of:
(a) Experienced supervisory
				personnel to review and discuss:
(i) Mortgage
				loan terms;
(ii) Disclosure
				requirements; and
(iii)
				Advertising; and
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.24 - Data Protection

Current through Register Vol. 51, No. 14, July 12, 2024
A. A
				licensee that adequately demonstrates compliance with the federal Interagency
				Guidelines Establishing Information Security Standards, 12 CFR Part 30,
				Appendix B, as it may be amended from time to time, shall be deemed to be in
				compliance with §§B-G of this regulation.
B. A licensee shall develop, implement, and
				maintain a comprehensive information security program that is commensurate with
				the licensee's size and complexity, the nature and scope of the licensee's
				activities, and the sensitivity of any customer information at issue.
C. A licensee's information security program
				shall consider the following objectives:
(1)
				Ensuring the security and confidentiality of customer information;
(2) Protecting against any anticipated
				threats or hazards to the security or integrity of such information;
				and
(3) Protecting against
				unauthorized access to or use of such information that could result in
				substantial harm or inconvenience to any customer.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.25 - Significant Event Reporting

Current through Register Vol. 51, No. 14, July 12, 2024
A. A
				licensee shall comply with the duty to report set forth in COMAR 09.03.10.02.
B. A licensee shall notify the
				Commissioner in writing through NMLS, and, if applicable, amend the licensee's
				information and disclosures in NMLS, within 2 business days of the occurrence
				of any of the following events:
(1)
				Insolvency, filing for bankruptcy or reorganization of the licensee, the
				placement into receivership by any court, or an assignment for the benefit of
				creditors;
(2) Receiving
				notification of any initiation of a settlement agreement or other form of
				consensual resolution, or entry of judgment in any administrative, civil, or
				criminal action against the licensee by any governmental entity;
(3) Expiration or nonrenewal of, or monetary
				or nonmonetary default under, a line of credit agreement or warehouse credit
				agreement;
(4) Suspension or
				termination of the licensee's status as an approved seller or seller/servicer
				by the Federal National Mortgage Association, Federal Home Loan Mortgage
				Corporation, Government National Mortgage Association, or a direct endorsement
				mortgagee by the Federal Housing Administration;
(5) A change to net worth resulting from
				market valuation or future loss liability or another change that causes the net
				worth of the licensee to fall below the requirements of Financial Institutions
				Article, §
										11-508.1,
				Annotated Code of Maryland;
(6)
				Cancellation or modification by the licensee, or termination by a surety of the
				licensee's surety bond required by Financial Institutions Article, §
										11-508,
				Annotated Code of Maryland; and
(7)
				Becoming aware of systemic violations of any provision of Financial
				Institutions Article, Title 11, Subtitle 5, Annotated Code of Maryland, any
				regulation adopted thereunder, or any other law regulating mortgage loan
				lending in the State.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.26 - Corporate Governance

Current through Register Vol. 51, No. 14, July 12, 2024
A. Corporate
				Governance-Generally.
(1) A licensee shall
				establish, document, and maintain sufficient corporate governance.
(2) Each element of a licensee's corporate
				governance shall be commensurate with the size, operational complexity, and
				overall risk profile of the licensee.
(3) For purposes of this regulation, the
				operational complexity and risk profile of a licensee shall, in part, be
				defined by the results of regulatory examinations, any external audits, and
				internal audits.
(4) A licensee
				bears the burden of demonstrating to the Commissioner that its corporate
				governance is sufficient and commensurate with its size, operational
				complexity, and overall risk profile.
(5) A licensee's corporate governance shall,
				at a minimum, include:
(a) Clearly defined
				responsibilities and accountability;
(b) Internal controls, policies, processes,
				and practices for monitoring, testing, and ensuring compliance with the
				corporate governance framework;
(c)
				Internal controls, policies, processes, and practices for training of employees
				on corporate governance requirements; and
(d) Internal controls, policies, processes,
				and practices addressing internal audits, external audits, and risk management
				as set forth in §§B, C and D of this regulation.
(6) Each licensee shall, not less than
				annually, conduct a review of its corporate governance to determine its overall
				effectiveness, address emerging risks, and otherwise assure that the corporate
				governance remains commensurate with the size, operational complexity, and
				overall risk profile of the licensee.
(7) Any documentation, controls, policies,
				procedures, requirements, audits, reports, or other materials included in this
				regulation shall be made available to the Commissioner upon the Commissioner's
				request.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.06 - Mortgage Lending › Section 09.03.06.28 - Examination of Licensees

Current through Register Vol. 51, No. 14, July 12, 2024
A.Definitions.
(1) In this regulation, the following terms
				have the meanings indicated.
(2)
				Terms Defined.
(a) "Examination" means the
				Commissioner's examination of a licensee pursuant to Financial Institutions
				Article, §
											11-515(a),
				Annotated Code of Maryland.
(b)
				"Report of examination" means a report issued by the Commissioner or a
				responsible supervisory agency following the examination of a mortgage
				lender.
(c) "Responsible
				supervisory agency" means the supervisory agency of any state primarily
				responsible for the supervision and examination of mortgage lenders operating
				in its state.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.07 - Credit Reporting Agencies › Section 09.03.07.01 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter governs certain registration requirements and
				  business operations of consumer reporting agencies who collect credit
				  information and furnish consumer reports on residents of this State. The
				  provisions of this chapter are to promote accuracy in consumer
				  reports.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.07 - Credit Reporting Agencies › Section 09.03.07.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter,
				the following terms have the meanings indicated.
B. Terms Defined.
(1) "Breach of the security of a system" has
				the meaning stated in Commercial Law Article, §
										14-3504, Annotated
				Code of Maryland.
(2) "Business
				customer" means a person who supplies to a consumer reporting agency
				information for inclusion in a consumer report.
(3) "Collection agency" has the meaning stated in
				Business Regulation Article, §
										7-101, Annotated
				Code of Maryland.
(4)
				"Commissioner" has the meaning stated in Commercial Law Article, §
										14-1201, Annotated
				Code of Maryland.
(5) "Consumer"
				means an individual who resides in Maryland.
(6) "Consumer report" has the meaning stated in
				Commercial Law Article, §
										14-1201, Annotated
				Code of Maryland.
(7) Consumer
				Reporting Agency.
(a) Consumer reporting
				agency has the meaning stated in Commercial Law Article, §
											14-1201, Annotated
				Code of Maryland.
(b) "Consumer
				reporting agency" does not include a person who regularly extends credit to
				consumers and is:
(i) Licensed to extend
				credit by the Commissioner; or
(ii)
				A financial institution chartered under the laws of this State or the laws of
				the United States, the lending operators of which are subject to supervision,
				examination, and regulation by a State or federal agency.
(8) "Control person" means a
				person who has the power, directly or indirectly, to direct the management or
				policies of a consumer reporting agency, whether through ownership of
				securities, by contract, or otherwise.
(9) "File" has the meaning stated in Commercial Law
				Article, §
										14-1201, Annotated
				Code of Maryland.
(10) "Nationwide
				Mortgage Licensing System" and Registry" or "NMLS" has the meaning stated in
				Financial Institutions Article, §
										11-501,
				Annotated Code of Maryland.
(11)
				"Person" has the meaning stated in Commercial Law Article, §
										14-1201, Annotated
				Code of Maryland.
(12) "Personal
				information" has the meaning stated in Commercial Law Article, §
										14-3501, Annotated
				Code of Maryland.
(13) "Simple and
				easy to understand" has the meaning stated in
				16 CFR §
											642.2.
(14) "Specialty consumer reporting agency"
				means a consumer reporting agency that prepares and retains files for one or
				more of the following:
(a) Residential
				history;
(b) Tenant history;
				or
(c) Employment
				history.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.07 - Credit Reporting Agencies › Section 09.03.07.03 - Annual Registration

Current through Register Vol. 51, No. 14, July 12, 2024
A. During
				the time period established by the Commissioner under §B of this
				regulation, each consumer reporting agency shall:
(1) Obtain and maintain a valid unique
				identifier issued by NMLS when an account is created with NMLS; and
(2) Transfer registration information to
				NMLS.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.07 - Credit Reporting Agencies › Section 09.03.07.04 - Bond

Current through Register Vol. 51, No. 14, July 12, 2024
A. The amount of a
				consumer reporting agency surety bond shall be determined as follows based on
				the number of consumer reports that the consumer reporting agency assembled,
				evaluated, or sold during the prior calendar year:
(1) Less than or equal to 10 percent of the
				total population of Maryland as published by the United States Census Bureau
				and listed on the Commissioner's website shall file through NMLS a $100,000
				bond;
(2) More than 10 percent but
				less than or equal to 25 percent of the total population of Maryland as
				published by the United States Census Bureau and listed on the Commissioner's
				website shall file through NMLS a $250,000 bond;
(3) More than 25 percent but less than or
				equal to 50 percent of the total population of Maryland as published by the
				United States Census Bureau and listed on the Commissioner's website shall file
				through NMLS a $500,000 bond;
(4)
				More than 50 percent but less than or equal to 75 percent of the total
				population of Maryland as published by the United States Census Bureau and
				listed on the Commissioner's website shall file through NMLS a $750,000 bond;
				or
(5) More than 75 percent of the
				total population of Maryland as published by the United States Census Bureau
				and listed on the Commissioner's website shall file through NMLS a $1,000,000
				bond.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.07 - Credit Reporting Agencies › Section 09.03.07.05 - Operational Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. A
				consumer reporting agency shall devise procedures to identify inaccurate
				information in consumer credit information submitted to it by a person who
				furnishes information to a consumer reporting agency.
B. As a part of the procedures required in
				§A of this regulation, a consumer reporting agency:
(1) Shall comply with
				15 U.S.C. §
											1681i;
(2) May not include in a consumer's file any
				loan, regardless of the date of the loan, that has been determined to be
				usurious or otherwise void or unenforceable under Maryland law pursuant to a
				court order or final order issued by the Commissioner and for which the credit
				reporting agency received said order from a court, the Commissioner, a consumer
				or consumer's representative to which the information relates, or identified
				through any other process instituted by the credit reporting agency that would
				notify them of such a determination; and
(3) Shall use personal information and
				publicly available information to match tax liens and judgments to the
				appropriate consumer report, except that this requirement does not apply to a
				consumer reporting agency that is acting as a reseller as defined under
				15 U.S.C. §
											1681a(u) with respect to
				that consumer report.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.07 - Credit Reporting Agencies › Section 09.03.07.06 - Permissible Purposes of Consumer Reports

Current through Register Vol. 51, No. 14, July 12, 2024
A. If the Commissioner finds that a person is
				in the business of making loans that are usurious or otherwise void or
				unenforceable under Maryland law or can use information in credit reports in
				connection with the making of loans that are usurious or otherwise void or
				unenforceable under Maryland law, and issues a written order to a consumer
				reporting agency not to furnish credit reports to that person, the consumer
				reporting agency shall comply with the order within 30 days of receipt of the
				written order.
B. If the
				Commissioner finds that a loan is usurious or otherwise void or unenforceable
				under Maryland law or that a person is in the business of making loans that are
				usurious or otherwise void under Maryland law, and issues a written order to a
				consumer reporting agency prohibiting the consumer reporting agency from
				including the loan in a consumer's file, the consumer reporting agency shall
				comply with the written order within 30 days of receipt of the written
				order.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.07 - Credit Reporting Agencies › Section 09.03.07.07 - Current Listing of Consumer Reporting Agencies

Current through Register Vol. 51, No. 14, July 12, 2024
The Commissioner shall make available to the public a current
				  listing of the names, addresses, and telephone numbers of registered consumer
				  reporting agencies through the NMLS Consumer Access portal.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.09 - Mortgage Loan Originators › Section 09.03.09.01 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter governs the conduct of any individual employed
				  as a mortgage loan originator with respect to residential real estate located
				  in this State.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.09 - Mortgage Loan Originators › Section 09.03.09.02 - Loan Origination Under Expired License

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have
				the meanings indicated.
B. Terms
				Defined.
(1) "Applicant" means an individual
				applying for a license.
(2)
				"Average prime offer rate" has the meaning stated in 12 CFR Part 1026, as may
				be amended from time to time.
(3)
				"Commissioner" has the meaning stated in Financial Institutions Article, §
										1-101,
				Annotated Code of Maryland.
(4)
				"Continuing education" or "course" means an educational program related to
				mortgage lending or brokering which contributes directly to the enhancement of
				professional competence of a mortgage loan originator to engage in the mortgage
				lending business, as defined in Financial Institutions Article, §
										11-501,
				Annotated Code of Maryland.
(5)
				"Dwelling" has the meaning stated in Financial Institutions Article, §
										11-501,
				Annotated Code of Maryland.
(6)
				"Higher-priced mortgage loan" has the meaning stated in 12 CFR Part 1026 as may
				be amended from time to time,
(7)
				"License" has the meaning stated in Financial Institutions Article, §
										11-601,
				Annotated Code of Maryland.
(8)
				"Licensee" has the meaning stated in Financial Institutions Article, §
										11-601,
				Annotated Code of Maryland.
(9)
				"Mortgage lending business" has the meaning state in Financial Institutions
				Article, §
										11-501,
				Annotated Code of Maryland.
(10)
				"Mortgage loan" has the meaning stated in Financial Institutions Article,
				§
										11-501,
				Annotated Code of Maryland.
(11)
				"Mortgage loan originator" has the meaning stated in Financial Institutions
				Article, §
										11-601,
				Annotated Code of Maryland.
(11)
				"NMLSR" means the Nationwide Mortgage Licensing System and Registry established
				by the Conference of State Bank Supervisors and the American Association of
				Residential Mortgage Regulators.
(12) "NMLSR" has the
				meaning stated in Financial Institutions Article, §
										11-501,
				Annotated Code of Maryland.
(13)
				"Residential real estate" has the meaning stated in Financial Institutions
				Article, §
										11-501,
				Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.09 - Mortgage Loan Originators › Section 09.03.09.03 - Education and Testing Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Prelicensing Education. To qualify for a
				license, a mortgage loan originator shall have:
(1) Successfully completed at least 20 hours
				of prelicensing education as required by Financial Institutions Article, §
										11-606,
				Annotated Code of Maryland, which shall include at least the following subjects
				in the number of hours indicated:
(a) Federal
				law and regulations relating to mortgage origination-3 hours;
(b) Ethics, including instruction on fraud,
				consumer protection, and fair lending issues-3 hours;
(c) Lending standards and loan terms for the
				nontraditional mortgage product market-2 hours;
(d) Maryland law and regulations relating to
				mortgage lending and origination-3 hours;
(e) Maryland finder's fee law as stated in
				Commercial Law Article, §
											12-801 et seq.,
				Annotated Code of Maryland-2 hours; and
(f) Undefined or elective instruction on
				mortgage origination-7 hours; and