reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.09 - Mortgage Loan Originators › Section 09.03.09.04 - Duty of Care

Current through Register Vol. 51, No. 14, July 12, 2024
A. Good Faith and
				Fair Dealing. A mortgage loan originator has a duty of good faith and fair
				dealing in communications and transactions with a borrower, 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; and
(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.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.09 - Mortgage Loan Originators › Section 09.03.09.05 - Applications

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Commissioner
				shall approve or deny an application for an initial license, a renewal license,
				or a license amendment within 60 days after the Commissioner receives a
				completed application, including a surety bond and all required fees.
B. If the Commissioner notifies an applicant
				that an application for an initial license, a renewal license, or a license
				amendment is incomplete, the Commissioner shall itemize the steps which the
				applicant must take to complete the application.
C. The application for an initial license, a
				renewal license, or a license amendment may not be approved until after the
				applicant completes all steps identified in the Commissioner's
				notice.
D. If an application for an
				initial license, a renewal license, or a license amendment is incomplete when
				submitted and remains incomplete, the Commissioner may cease processing and
				deem the incomplete application withdrawn, provided that the Commissioner has
				previously notified the applicant of the basis for incompleteness in accordance
				with §B of this regulation, and gives the applicant not less than 15 days
				to correct the incompleteness.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.09 - Mortgage Loan Originators › Section 09.03.09.06 - Fees

Current through Register Vol. 51, No. 14, July 12, 2024
A. Application
				Investigation Fee. The nonrefundable investigation fee required by Financial
				Institutions Article, §
									11-604(c)(1),
				Annotated Code of Maryland, is $1.
B. Initial License Fee.
(1) The license fee required by Financial
				Institutions Article, §
										11-606(b)(2),
				Annotated Code of Maryland, is $225 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 NMLSR the license application processing fee and any other fees that
				NMLSR imposes in connection with the application.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.09 - Mortgage Loan Originators › Section 09.03.09.07 - Locations

Current through Register Vol. 51, No. 14, July 12, 2024
A. A mortgage loan
				originator may not conduct mortgage lending business at any location different
				from the address that appears on the license or licenses of the mortgage loan
				originator's employer.
B.
				Notwithstanding §A of this regulation, a mortgage loan originator may take
				a loan application or offer or negotiate terms of a mortgage loan at a location
				other than the address that appears on the license or licenses of the mortgage
				loan originator's employer if neither the mortgage loan originator nor the
				mortgage loan originator's employer:
(1) Owns
				or leases the location for the purpose of conducting mortgage lending
				business;
(2) Indicates or suggests
				by use of signage that the mortgage loan originator or the mortgage loan
				originator's employer utilizes the location for taking mortgage loan
				applications or offering or negotiating terms of mortgage loans;
(3) Advertises that the mortgage loan
				originator or the mortgage loan originator's employer takes mortgage loan
				applications or offers or negotiates terms of mortgage loans at the
				location;
(4) Maintains work space,
				telephone service, or internet service at the location in the name of the
				mortgage loan originator or the mortgage loan originator's employer for the
				purpose of conducting mortgage lending business;
(5) Receives mail relating to the mortgage
				lending business at the location; or
(6) Stores books or records relating to the
				mortgage lending business at the location.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.09 - Mortgage Loan Originators › Section 09.03.09.08 - Loan Origination Under Expired License

Current through Register Vol. 51, No. 14, July 12, 2024
A. A person may not take or receive a
				mortgage loan application or offer or negotiate the terms of a mortgage loan
				without a license.
B.
				Notwithstanding §A of this regulation, a mortgage loan originator
				operating under an expired license resulting from a failure to timely renew may
				offer or negotiate the terms of a mortgage loan if:
(1) The application for the mortgage loan was
				taken or received before the deadline for renewal of the license; and
(2) The licensee's employer does not employ
				any other mortgage loan originator licensed by the Commissioner.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.09 - Mortgage Loan Originators › Section 09.03.09.09 - Advertising and Solicitation

Current through Register Vol. 51, No. 14, July 12, 2024
A. A
				mortgage loan originator 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 09.03.10 - Credit and Other Regulation › Section 09.03.10.01 - 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) Balloon Payment.
(a) "Balloon payment" means any scheduled
				payment on a mortgage loan that is more than two times the average of all other
				payments scheduled to repay the mortgage loan.
(b) "Balloon payment" does not include a down
				payment.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.10 - Credit and Other Regulation › Section 09.03.10.02 - Reporting Fraud, Other Violations of Law, and Convictions

Current through Register Vol. 51, No. 14, July 12, 2024
A. Duty to Report.
(1) Except as provided in §E of this
				regulation, a regulated person shall submit a report to the Commissioner within
				30 business days after the person discovers that an act, or has reason to
				believe that an act, of fraud, theft, or forgery has been committed by a
				regulated person, including the person, or any owner, director, officer,
				member, partner, employee, or agent of a regulated person.
(2) Except as provided in §E of this
				regulation, a regulated person that is, or that has an owner, director,
				officer, member, partner, employee, or agent that is, convicted of any felony,
				or of a misdemeanor involving fraud, theft, or forgery, shall submit a report
				to the Commissioner informing the Commissioner of the conviction within 5
				business days from the date on which the regulated person receives knowledge of
				the conviction.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.10 - Credit and Other Regulation › Section 09.03.10.03 - Disclosures for Certain Mortgage Loans

Current through Register Vol. 51, No. 14, July 12, 2024
A. Mortgage Loan Provisions Requiring
				Disclosure. A regulated person that offers to make or procure a mortgage loan
				secured by residential real estate shall provide to the borrower the
				disclosures set forth in §B of this regulation if the terms of the
				mortgage loan:
(1) Include a balloon
				payment;
(2) Do not provide for the
				establishment of an escrow account for the payment of taxes and insurance;
				or
(3) Include mandatory binding
				arbitration.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.10 - Credit and Other Regulation › Section 09.03.10.04 - Consumer Loans

Current through Register Vol. 51, No. 14, July 12, 2024
The term loan account in Financial Institutions Article,
				  §
									11-219,
				  Annotated Code of Maryland:
A. Means
				any loan or advance of money or credit subject to Commercial Law Article, Title
				12, Subtitle 3, Annotated Code of Maryland, the Maryland Consumer Loan
				Law-Credit Provisions, regardless of whether the loan or advance of money or
				credit is or purports to be made under Commercial Law Article, Title 12,
				Subtitle 3, Annotated Code of Maryland; and
B. Does not include an installment loan as
				defined in Financial Institutions Article, §
									11-302,
				Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.10 - Credit and Other Regulation › Section 09.03.10.05 - Mobile Home Retail Sales Financing Information Disclosure Statement

Current through Register Vol. 51, No. 14, July 12, 2024
The written statement required in Commercial Law Article,
				  §
									14-4202(b)(3),
				  Annotated Code of Maryland, shall be in a form substantially similar to the
				  following:
Click here
				  to view pdf form
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.11 - Recordation of Security Instruments for Residential Property › Section 09.03.11.01 - 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) "Mortgage lender licensee" means a person
				licensed under Financial Institutions Article, §§
										11-501
				-11-524, Annotated Code of Maryland.
(2) "Mortgage loan" means any loan or
				extension of credit secured by residential property.
(3) "Mortgage loan originator licensee" means
				an individual licensed under Financial Institutions Article, §§
										11-601
				-11-618, Annotated Code of Maryland.
(4) "Nationwide Mortgage Licensing System and
				Registry (NMLSR)" has the meaning stated in Financial Institutions Article,
				§
										11-501,
				Annotated Code of Maryland.
(5)
				"Residential property" has the meaning stated in Real Property Article, §
										3-104.1, Annotated Code
				of Maryland.
(6) "Security
				instrument" means a mortgage, deed of trust, or any other instrument securing a
				mortgage loan.
(7) Single Family
				Dwelling Unit.
(a) "Single family dwelling
				unit" means a structure principally designed for the residential habitation of
				one family.
(b) "Single family
				dwelling unit" includes an individual residential condominium unit within a
				larger structure or complex, regardless of the total number of individual units
				in that structure or complex.
(c)
				"Single family dwelling unit" does not include a structure that:
(i) Is not intended, and has never been used,
				for human habitation; or
(ii) Is
				intended for human habitation, has never been occupied, but for which a use and
				occupancy permit, if required, has never been issued.
(8) "Unique identifier" has the
				meaning stated in Financial Institutions Article, §
										11-601,
				Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.11 - Recordation of Security Instruments for Residential Property › Section 09.03.11.02 - Information in Recorded Security Instrument

Current through Register Vol. 51, No. 14, July 12, 2024
A. Licensee Information or Affidavit in Lieu
				of Licensee Information.
(1) If a mortgage
				lender licensee is named in the promissory note or agreement evidencing a
				mortgage loan on a residential property that is secured by a security
				instrument to be recorded under Real Property Article, §
										3-104.1, Annotated Code
				of Maryland, the following information shall be filed with the security
				instrument:
(a) The name of the mortgage
				lender licensee; and
(b) The
				Maryland mortgage lender license number of the mortgage lender licensee or the
				NMLSR unique identifier of the mortgage lender licensee.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.01 - 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) "Addressed envelope" means:
(a) An envelope that is preprinted with the
				address where it should be delivered;
(b) An envelope that contains a label with a
				preprinted address where it should be delivered; or
(c) An envelope with a window that will
				accommodate a visible preprinted cover page that contains an address where the
				envelope should be delivered with instructions on how to use the cover page to
				display the address.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.03 - Loss Mitigation Application and Instructions

Current through Register Vol. 51, No. 14, July 12, 2024
A secured party, or representative of the secured party, that
				  does not have its own loss mitigation application shall use a loss mitigation
				  application in a form substantially similar to that in Appendix G of this
				  chapter.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.04 - Prefile Mediation Process

Current through Register Vol. 51, No. 14, July 12, 2024
A. A borrower who
				elects to accept a secured party's offer to participate in prefile mediation in
				accordance with Real Property Article §
									7-105.1, Annotated Code
				of Maryland, shall send to the secured party or the identified representative
				of the secured party the completed and signed application for prefile mediation
				included in Schedule 1 to Appendix A-1 within 25 days after the date on which
				the notice of intent to foreclose was mailed by the secured party. The
				instructions for the prefile mediation application shall include a telephone
				number to confirm receipt by the secured party or the secured party's
				representative of the application.
B. Within 5 business days after the date on
				which the secured party or the identified representative of the secured party
				receives an application for prefile mediation from a borrower, the secured
				party or the representative of the secured party shall notify the Office of
				Administrative Hearings that the borrower has submitted an application for
				prefile mediation. The notification shall be in a form substantially similar to
				that in Appendix I of this regulation.
C. The obligation of the Office of
				Administrative Hearings to schedule a mediation session arises upon the receipt
				of notice from the secured party required under §B of this
				regulation.
D. The Office of
				Administrative Hearings shall conduct the mediation session within 60 days
				after the receipt of the notice required under §B of this regulation from
				the secured party unless a postponement, requested in accordance with Appendix
				OAH-2 of this chapter, is granted.
E. The total fee for preflle mediation is $1.
				In accordance with instructions from the Department of Housing and Community
				Development, the secured party shall pay the full amount of the preflle
				mediation fee to the Housing Counseling and Foreclosure Mediation Fund
				established under Housing and Community Development Article, §
									4-507,
				Annotated Code of Maryland. The secured party may elect to pay the preflle
				mediation fee on behalf of the homeowner or collect all or any portion of the
				fee as part of the resolution of the mortgage loan through preflle mediation or
				foreclosure, as applicable.
F. Good
				Faith and Fair Dealing. The secured party, or any representative of the secured
				party, has a duty of good faith and fair dealing in its participation at a
				prefile foreclosure mediation, including, but not limited to:
(1) Providing the borrower with an accurate
				accounting of the debt owed;
(2)
				Making the borrower aware of all loss mitigation options and services offered
				by the secured party; and
(3)
				Pursuing loss mitigation when reasonably
				possible.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.05 - Preliminary Loss Mitigation Affidavit

Current through Register Vol. 51, No. 14, July 12, 2024
A. Subject to
				§B of this regulation, a preliminary loss mitigation affidavit required by
				Real Property Article, §
									7-105.1(h)(3),
				Annotated Code of Maryland, and this chapter shall be in a form substantially
				similar to that in Appendix D of this regulation.
B. The secured party, or representative of
				the secured party, shall include all information required in the form provided
				for under §A of this regulation in the spaces indicated by blank lines.
Click here to view
				  Image
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.06 - Final Loss Mitigation Affidavit

Current through Register Vol. 51, No. 14, July 12, 2024
A. Subject to
				§B of this regulation, a final loss mitigation affidavit required by Real
				Property Article, §
									7-105.1(h)(4),
				Annotated Code of Maryland, and this chapter shall be in a form substantially
				similar to that in Appendix E of this regulation.
B. The secured party, or representative of
				the secured party, shall include all information required in the form provided
				for under §A of this regulation in the spaces indicated by blank lines.
Click here to view
				  Image
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.07 - Notice of Foreclosure Action

Current through Register Vol. 51, No. 14, July 12, 2024
A. Notice of
				Foreclosure Action to Accompany a Preliminary Loss Mitigation Affidavit.
(1) A form substantially similar to that in
				Appendix H-1 of this regulation shall be used to comply with the notice of
				filing requirement when accompanying a preliminary loss mitigation affidavit,
				as well as an order to docket or complaint to foreclose, as required by Real
				Property Article, §
										7-105.1, Annotated Code
				of Maryland.
(2) The form used
				under this regulation to comply with the notice of filing requirement to
				accompany a preliminary loss mitigation affidavit shall be the first in the
				sequence of papers and documents in the packet sent to the borrower.
(3) The preliminary loss mitigation affidavit
				shall be the second in the sequence of papers and documents in the packet sent
				to the borrower and shall be directly behind the form used under this
				section.
(4) The remainder of the
				papers and documents in the packet sent to the borrower may be in any other
				sequence.
(5) The sequence
				requirements of §A(2) and (3) of this regulation apply only to the papers
				and documents sent to the borrower.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.08 - Postfile Foreclosure Mediation

Current through Register Vol. 51, No. 14, July 12, 2024
A. Subject to
				§B of this regulation, a request for postfile mediation required by Real
				Property Article, §
									7-105.1(h)(4),
				Annotated Code of Maryland, and this chapter shall be in a form substantially
				similar to that in Appendix F of this regulation.
B. The secured party, or representative of
				the secured party, shall include all information required in the form provided
				for under §A of this regulation in the spaces indicated by blank lines.
Click here to view
				  Image
C. Good
				Faith and Fair Dealing. The secured party, or any representative of the secured
				party, has a duty of good faith and fair dealing in its participation at a
				postfile foreclosure mediation, including, but not limited to:
(1) Providing the borrower with an accurate
				accounting of the debt owed;
(2)
				Making the borrower aware of all loss mitigation options and services offered
				by the secured party; and
(3)
				Pursuing loss mitigation when reasonably
				possible
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.09 - Office of Administrative Hearings

Current through Register Vol. 51, No. 14, July 12, 2024
A. Borrower
				Information Worksheet and Instructions.
(1)
				With respect to a scheduled prefile mediation session, the Office of
				Administrative Hearings shall provide the Borrower(s) Information Worksheet and
				the instructions regarding the documents and information that must be provided
				by each party to the other and to the Office of Administrative Hearings in a
				form substantially similar to that in Appendix OAH-1 of this
				regulation.
(2) With respect to a
				scheduled postfile mediation session, the Office of Administrative Hearings
				shall provide the Borrower(s) Information Worksheet and the instructions
				regarding the documents and information that must be provided by each party to
				the other and to the Office of Administrative Hearings in a form substantially
				similar to that in Appendix OAH-2 of this regulation.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.10 - Addressed Envelope

Current through Register Vol. 51, No. 14, July 12, 2024
A. The following
				addressed envelopes are required by this chapter and shall be in the form and
				include the information set forth in this regulation.
B. Required Addressed Envelopes.
(1) An addressed envelope accompanying the
				Notice of Intent to Foreclose shall be directed to the person responsible for
				conducting loss mitigation analysis on behalf of the secured party (the person
				may be an individual, a group of individuals, or a department such as a loss
				mitigation department).
(2) An
				addressed envelope accompanying the Preliminary Loss Mitigation Affidavit (if
				applicable) shall be directed to the foreclosure attorney handling the
				foreclosure on behalf of the secured party.
(3) The two addressed envelopes accompanying
				the Final Loss Mitigation Affidavit shall include:
(a) In the case of the addressed envelope to
				be mailed to the clerk of the court with a request for postfile mediation:
(i) The address of the Clerk of the Court;
				and
(ii) The words Request for
				Foreclosure Mediation on the face of the addressed envelope in at least
				14-point bold type; and
(b) For the addressed envelope to be mailed
				to the foreclosure attorney in connection with a request for postfile
				mediation, the address of the foreclosure attorney handling the foreclosure on
				behalf of the secured party.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.11 - Time

Current through Register Vol. 51, No. 14, July 12, 2024
In computing any period of time prescribed by this chapter,
				  Maryland Rule 1-203 shall apply.
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				  Image
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.12 - Filing of Duplicate Forms

Current through Register Vol. 51, No. 14, July 12, 2024
Any affidavit, application, or other form submitted to a
				  circuit court as required by this chapter may be a duplicate of the original
				  affidavit, application, or other form.
Click here to view
				  Image
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.13 - Challenges to Certificates of Vacancy or Certificates of Unfitness for Human Habitation

Current through Register Vol. 51, No. 14, July 12, 2024
A. A form
				substantially similar to that in Appendix J of this regulation shall be used to
				comply with the requirement to provide a description of the procedure to
				challenge a certificate of vacancy or certificate of property unfit for human
				habitation when accompanying an order to docket or complaint to foreclose based
				on a certificate of vacancy or a certificate of property unfit for human
				habitation pursuant to Real Property Article, §
									7-105.13, Annotated
				Code of Maryland.
B. A form
				substantially similar to that in Appendix K of this regulation shall be used to
				comply with the requirement to provide the form to be used to make a challenge
				to a certificate of vacancy or certificate of property unfit for human
				habitation when accompanying an order to docket or complaint to foreclose based
				on a certificate of vacancy or a certificate of property unfit for human
				habitation pursuant to Real Property Article, §
									7-105.13, Annotated
				Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.12 - Foreclosure Procedures for Residential Property › Section 09.03.12.14 - Enforcement

Current through Register Vol. 51, No. 14, July 12, 2024
The Commissioner may enforce the provisions of this chapter
				  by exercising any of the powers provided under Financial Institutions Article,
				  §§2-114-2 -116, Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.13 - State Collection Agency Licensing Board-Fees › Section 09.03.13.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter is intended to carry out the provisions of
				  Business Regulation Article, §§
									7-302 and
				  7-302.1,
				  Annotated Code of Maryland. In particular, it is intended to set
				  license-related fees to cover the actual documented direct and indirect costs
				  of regulating collection agencies in accordance with the provisions of Business
				  Regulation Article, Title 7, Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.13 - State Collection Agency Licensing Board-Fees › Section 09.03.13.02 - Fees

Current through Register Vol. 51, No. 14, July 12, 2024
A. Initial License
				Fee. The initial license fee required by Business Regulation Article,
				§§
									7-302(a)
				and
				7-302.1,
				Annotated Code of Maryland, is $350 for a 1-year license term.
B. Renewal Fee. The renewal fee required by
				Business Regulation Article, §
									7-306(b)
				(2), Annotated Code of Maryland, is $350 for a 1-year renewal term.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.02 - Examination Fees

Current through Register Vol. 51, No. 14, July 12, 2024
A. This chapter is
				intended to set fees to cover the reasonably incurred costs of examinations of
				a licensee or its authorized delegate pursuant to Financial Institutions
				Article, §
									12-424(c),
				Annotated Code of Maryland.
B. The
				Commissioner of Financial Regulation sets the following daily fees for each of
				the Commissioner's employees engaged in the examination of a licensee or its
				authorized delegate:
(1) $300 per day for an
				employee serving in a position of Financial Regulation Non-Depository Examiner
				in the Office of the Commissioner; and
(2) $375 per day for an employee serving in a
				position of Financial Regulation Non-Depository Examiner Supervisor in the
				Office of the Commissioner.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.04 - Relationship to Federal Law

Current through Register Vol. 51, No. 14, July 12, 2024
A. If State money
				transmission jurisdiction is conditioned on a federal law, any inconsistencies
				between a provision of the Maryland Money Transmission Act and the federal law
				governing money transmission shall be governed by the applicable federal law to
				the extent of the inconsistency.
B.
				If any inconsistencies exist between the Maryland Money Transmission Act and a
				federal law that governs pursuant to this regulation, the Commissioner may
				provide interpretive guidance that:
(1)
				Identifies the inconsistency; and
(2) Identifies the appropriate means of
				compliance with federal law.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.05 - Application for License

Current through Register Vol. 51, No. 14, July 12, 2024
A. In addition to
				the requirements set forth in Financial Institutions Article, §
									12-407,
				Annotated Code of Maryland, applications for a license shall contain at a
				minimum and as applicable:
(1) The legal name
				and residential and business addresses of the applicant and any fictitious or
				trade name used by the applicant in conducting its business;
(2) A list of any criminal convictions of the
				applicant and any material litigation in which the applicant has been involved
				in the 10-year period next preceding the submission of the
				application;
(3) A description of
				any money transmission previously provided by the applicant and the money
				transmission that the applicant seeks to provide in this State;
(4) A list of the applicant's proposed
				authorized delegates and the locations in this State where the applicant and
				its authorized delegates propose to engage in money transmission;
(5) A list of other states in which the
				applicant is licensed to engage in money transmission and any license
				revocations, suspensions, or other disciplinary action taken against the
				applicant in another state;
(6)
				Information concerning any bankruptcy or receivership proceedings affecting the
				licensee or a person in control of a licensee;
(7) A sample form of contract for authorized
				delegates, if applicable;
(8) A
				sample form of payment instrument or stored value, as applicable;
(9) The name and address of any federally
				insured depository financial institution through which the applicant plans to
				conduct money transmission; and
(10) Any other information the Commissioner
				reasonably requires with respect to the applicant.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.06 - Information Requirements for Certain Individuals

Current through Register Vol. 51, No. 14, July 12, 2024
A. Any individual
				in control of a licensee or applicant, any individual that seeks to acquire
				control of a licensee, and each key individual shall furnish to the
				Commissioner through NMLS the following items:
(1) The individual's fingerprints for
				submission to the Federal Bureau of Investigation and the Commissioner for
				purposes of a national criminal history background check unless the person
				currently resides outside of the United States and has resided outside of the
				United States for the last 10 years; and
(2) Personal history and experience in a form
				and in a medium prescribed by the Commissioner, to obtain the following:
(a) An independent credit report from a
				consumer reporting agency unless the individual does not have a Social Security
				number, in which case, this requirement shall be waived;
(b) Information related to any criminal
				convictions or pending charges; and
(c) Information related to any regulatory or
				administrative action and any civil litigation involving claims of fraud,
				misrepresentation, conversion, mismanagement of funds, breach of fiduciary
				duty, or breach of contract.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.07 - Multistate Licensing Process

Current through Register Vol. 51, No. 14, July 12, 2024
A. If an applicant
				for licensure under the Maryland Money Transmission Act avails itself or is
				otherwise subject to a multistate licensing process:
(1) Subject to §B of this regulation,
				the Commissioner's investigation of the applicant under Financial Institutions
				Article, §
										12-409,
				Annotated Code of Maryland, may include the investigation results of a lead
				investigative state; or
(2) If
				Maryland is a lead investigative state, the Commissioner may investigate the
				applicant pursuant to Financial Institutions Article, §12409, Annotated
				Code of Maryland, and the timeframes established by agreement through the
				multistate licensing process, except that, in no case shall the timeframe be
				noncompliant with the application period in Financial Institutions Article,
				§
										12-409,
				Annotated Code of Maryland.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.08 - Corporate Governance

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensee shall
				establish, document, and maintain sufficient corporate governance, as follows:
(1) Each element of a licensee's corporate
				governance shall be commensurate with the size, operational complexity, and
				overall risk profile of the licensee.
(2) 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.
(3) 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.
(4) 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-D of this regulation.
(5) 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.
(6) 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 09.03.14 - Money Transmitters › Section 09.03.14.09 - Maintenance of License

Current through Register Vol. 51, No. 14, July 12, 2024
A. If a licensee
				does not continue to meet the qualifications or satisfy the requirements that
				apply to an applicant for a new license, the Commissioner may suspend or revoke
				the licensee's license in accordance with the procedures established under the
				Maryland Money Transmission Act.
B.
				An applicant for a license shall demonstrate that it meets or will meet, and a
				money transmission licensee shall at all times meet, the requirements in
				Regulation .18 of this chapter.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.10 - Acquisition of Control and Change of Key Individual

Current through Register Vol. 51, No. 14, July 12, 2024
A. Any person, or
				group of persons acting in concert, seeking to acquire control of a licensee
				shall comply with Financial Institutions Article, §
									12-415,
				Annotated Code of Maryland.
B. Any
				person, or group of persons acting in concert, seeking the Commissioner's
				approval under Financial Institutions Article, §
									12-415,
				Annotated Code of Maryland, to acquire control of a licensee shall, in
				cooperation with the licensee, submit an application in a form and in a medium
				prescribed by the Commissioner, together with any information the Commissioner
				requires or requests.
C. The
				application required by this regulation shall include information required by
				Regulation .06 of this chapter for any new key individuals that have not
				previously completed the requirements of Regulation .06 of this chapter for a
				licensee.
D. When an application
				for acquisition of control under this regulation appears to include all the
				items and address all matters that are required, the application shall be
				considered complete, and the Commissioner shall promptly notify the applicant
				in a record of the date on which the application was determined to be complete
				and:
(1) Except as provided in Financial
				Institutions Article, §
										12-415(b)(2)
				or (3)(ii), Annotated Code of Maryland:
(a)
				The Commissioner shall approve or deny the application within 60 days after the
				completion date; or
(b) If the
				application is not approved or denied within 60 days after the completion date:
(i) The application is approved;
				and
(ii) The person, or group of
				persons acting in concert, are not prohibited from acquiring control.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.11 - Notice and Information Requirements for a Change of Key Individuals

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensee
				adding or replacing any key individual shall:
(1) Provide notice in a manner prescribed by
				the Commissioner as soon as reasonably practicable, but in no event later than
				15 days after the effective date of the key individual's appointment;
				and
(2) Provide information as
				required by Regulation .06 of this chapter within 30 days of the date on which
				the notice was provided pursuant to this regulation.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.12 - Bank Secrecy Act Reports

Current through Register Vol. 51, No. 14, July 12, 2024
A licensee and an authorized delegate shall file all reports
				  required by federal currency reporting, record keeping, and suspicious activity
				  reporting requirements as set forth in the Bank Secrecy Act and other federal
				  and state laws pertaining to money laundering. The timely filing of a complete
				  and accurate report required under this regulation with the appropriate federal
				  agency is considered compliant with the requirements of this
				  regulation.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.13 - Authorized Delegates

Current through Register Vol. 51, No. 14, July 12, 2024
A. For purposes of
				this regulation, "remit" means to make direct payments of money to a licensee
				or its representative authorized to receive money or to deposit money in a bank
				in an account specified by the licensee.
B. Before a licensee may conduct business
				through an authorized delegate or allows a person to act as the licensee's
				authorized delegate, the licensee shall:
(1)
				Adopt, and update as necessary, written policies and procedures reasonably
				designed to ensure that the licensee's authorized delegates comply with
				applicable state and federal law;
(2) Enter into a written contract pursuant to
				Financial Institutions Article, §
										12-413(b),
				Annotated Code of Maryland; and
(3)
				Conduct a reasonable risk-based background investigation sufficient for the
				licensee to determine whether the authorized delegate has complied and will
				likely comply with applicable state and federal law.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.14 - Timely Transmission

Current through Register Vol. 51, No. 14, July 12, 2024
A. Every licensee
				shall forward all money received for transmission in accordance with the terms
				of the agreement between the licensee and the sender unless the licensee has a
				reasonable belief or a reasonable basis to believe that the sender may be a
				victim of fraud or that a crime or violation of law, rule, or regulation has
				occurred, is occurring, or may occur.
B. If a licensee fails to forward money
				received for transmission in accordance with this regulation, the licensee
				shall respond to inquiries by the sender with the reason for the failure unless
				providing a response would violate a state or federal law, rule, or
				regulation.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.15 - Refunds

Current through Register Vol. 51, No. 14, July 12, 2024
A. This regulation
				does not apply to:
(1) Money received for
				transmission subject to the federal Remittance Rule ( 12 CFR Part 1005, Subpart
				B), as amended or recodified from time to time; or
(2) Money received for transmission pursuant
				to a written agreement between the licensee and payee to process payments for
				goods or services provided by the payee.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.16 - Receipts

Current through Register Vol. 51, No. 14, July 12, 2024
A. This regulation
				does not apply to:
(1) Money received for
				transmission subject to the federal Remittance Rule ( 12 CFR Part 1005, Subpart
				B), as amended or recodified from time to time;
(2) Money received for transmission pursuant
				to a written agreement between the licensee and payee to process payments for
				goods or services provided by the payee; or
(3) Payroll processing services.
Code of Maryland Regulations › Title 09 - MARYLAND DEPARTMENT OF LABOR › Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION › Chapter 09.03.14 - Money Transmitters › Section 09.03.14.17 - Disclosures for Payroll Processing Services

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensee that
				provides payroll processing services shall:
(1) Issue reports to clients detailing client
				payroll obligations in advance of the payroll funds being deducted from an
				account; and
(2) Make available
				worker paystubs or an equivalent statement to workers.