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09.03.01.00.htm 09.03.01.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 01 Credit Unions Authority: Business Regulation Article, §2-105; Financial Institutions Article, §2-105.1 and Title 6; Annotated Code of Maryland
09.03.01.01.htm 09.03.01.01. 01―07 Repealed..
09.03.01.08.htm 09.03.01.08. 08 Real Estate Lending.. A. Definitions.. 1) "Appraisal" means an objective estimate of value established using a real estate appraisal policy approved by the board of directors in accordance with all applicable federal and State laws and regulations and in conformity with secondary market guidelines including but not limited to the Federal National Mortgage Association (FNMA) and/or Federal Home Loan Mortgage Corporation (FHLMC)2) "Appraiser" means an individual who performs ap
09.03.01.09.htm 09.03.01.09. 09 Repealed..
09.03.01.10.htm 09.03.01.10. 10 Investments.. A. In this regulation, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Adjusted trading" means any method or transaction used to defer a loss whereby a credit union sells a security to a vendor at a price above its current market price, and simultaneously purchases or commits to purchase from the vendor another security at a price above its current market price.2) Options or Futures Contracts.. a) "Option or futures con
09.03.01.11.htm 09.03.01.11. 11 Accounting Procedures and Records Retention.. A. A credit union shall maintain books and financial records that:. 1) Accurately and fully reflect the fiscal affairs of the credit union; and. 2) Are sufficient to enable an independent certified public accountant to perform a complete audit of the credit union.B. A credit union shall maintain at least the following types of financial records:. 1) Cash receipts journal;. 2) Cash disbursements journal;. 3) General ledger;.
09.03.01.12.htm 09.03.01.12. 12 and .13 Repealed..
09.03.01.14.htm 09.03.01.14. 14 Member Business Loans.. A. In this regulation, the following terms have the meanings indicated:. 1) "Associated member" means a member with shared ownership, investment, or other pecuniary interest in a business or commercial endeavor with the borrower.2) "Development or construction loan" or both means a financing arrangement for acquiring property or rights to property, including land or structures, with the intent to convert it to income-producing property such as reside
09.03.01.15.htm 09.03.01.15. 15 Maximum Loans to a Single Member.. The term "indirectly to any one member" as used in Financial Institutions Article, §6-604, Annotated Code of Maryland, includes a loan or extension of credit made to any member who, acting directly or indirectly, individually or in concert with one or more other persons or entities, or through one or more subsidiaries:A. Acts in a common enterprise;. B. Owns or controls any entity, or holds proxies for, or otherwise has powe
09.03.01.16.htm 09.03.01.16. 16 Reports to the Commissioner of Financial Regulation.. A. The Commissioner of Financial Regulation shall require, as additional reports pursuant to Financial Institutions Article, §6-404(b) Annotated Code of Maryland, that a Report of Condition be received by the Commissioner on or before:1) July 30th of each year, reporting the financial condition of the credit union as of June 30th of that year; and2) February 1st of each year, reporting the financial condition of the cred
09.03.01.17.htm 09.03.01.17. 17 Boards of Directors ― Electronically Conducted Elections.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Electronically” means the use of one or more electronic devices.. 2) “Electronic device” means a device having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities and may include, but is not limited to, telephones, voice response units, computer systems, and electronic mail systems.
09.03.01.9999.htm 09.03.01.9999. Administrative History Effective date: December 24, 1976 (3:24 Md. R. 1392). Regulations .01―07 repealed effective October 1, 2001 (28:19 Md. R. 1683). Regulations .08―13 adopted as an emergency provision effective July 19, 1988 (15:18 Md. R. 2143) emergency status extended at 15:27 Md. R. 3123Regulations .08―18 adopted effective August 6, 1990 (17:15 Md. R. 1855). Regulation .08B amended effective October 6, 1997 (24:20 Md. R. 1403). Regulation .08 repealed a
09.03.02.00.htm 09.03.02.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 02 General Regulations Authority: Financial Institutions Article, §2-105.1, 11-203, and 11-503, Annotated Code of Maryland
09.03.02.01.htm 09.03.02.01. 01 Definition.. A. In this chapter, the following term has the meaning indicated.. B. Term Defined. "Commissioner" has the meaning stated in Financial Institutions Article, §1-101(g) Annotated Code of Maryland.
09.03.02.02.htm 09.03.02.02. 02 Repealed..
09.03.02.03.htm 09.03.02.03. 03 Repealed..
09.03.02.04.htm 09.03.02.04. 04 Books and Records.. Each licensed office shall maintain the following records:. A. Loan Register. All loans shall be listed in a register in numerical order showing, in addition to the loan number, the date of loan, name of principal borrower, and amount of loan.B. Individual Ledger Record. A separate ledger record shall be maintained for each borrower, showing the loan number, borrower's name and address, names of endorsers, comakers, guarantors or sureties,
09.03.02.05.htm 09.03.02.05. 05 Unfair and Deceptive Trade Practices.. A. Advertising.. 1) Each consumer loan licensee shall comply with all provisions of Regulation Z, promulgated under the Federal Consumer Credit Protection Act, Truth-in-Lending, that relate to the advertising of credit terms.2) A consumer loan licensee may not use blind advertisements, such as giving only telephone numbers or box number addresses. A licensee may not advertise that any loan business will be conducted at an
09.03.02.06.htm 09.03.02.06. 06 Contested Case Hearings Before the Commissioner.. A. Except as otherwise provided in §C, D, and E of this regulation, all contested case hearings before the Commissioner are governed by COMAR 09.01.02.B. For a hearing under Financial Institutions Article, §11-415, Annotated Code of Maryland, the Commissioner shall send the hearing notice described in COMAR 09.01.02.07B:1) At least 10 days before the hearing; or. 2) If the parties have agreed to a date for which
09.03.02.07.htm 09.03.02.07. 07 Contested Case Hearings Delegated to the Office of Administrative Hearings.. All contested case hearings delegated to the Office of Administrative Hearings are governed by COMAR 09.01.03.
09.03.02.9999.htm 09.03.02.9999. Administrative History Effective dates:. Regulations .01―11 effective July 1, 1970. Regulation .12 effective May 19, 1971. Regulations .13―15 effective July 1, 1970. Regulation .16 effective December 22, 1971. Regulation .17 effective November 16, 1970. Regulation .18 effective May 19, 1971. Regulation .19 effective December 25, 1974 (1:6 Md. R. 298) ―. Chapter revised effective August 25, 1978 (5:17 Md. R. 1327).
09.03.03.00.htm 09.03.03.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 03 Procedure for Handling Applications Authority: Financial Institutions Article, §2-105.1; Title 3, Subtitles 2 and 7; Title 5, Subtitle 10; and Title 6, Subtitle 2, Annotated Code of Maryland
09.03.03.01.htm 09.03.03.01. 01 Scope.. Regulations under this chapter contain procedures by which the Commissioner of Financial Regulation of the State of Maryland may reach informed decisions with respect to:A. Applications to charter state banking institutions and credit unions pursuant to Financial Institutions Article, Title 3, Subtitle 2, and Title 6, Subtitle 2, Annotated Code of Maryland;B. Applications by banks for merger or consolidation pursuant to Financial Institutions Article, Tit
09.03.03.02.htm 09.03.03.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Hearing panel" means the Presiding Officer and other individuals designated by him to hear the case; however, the decision shall be made by the Presiding Officer.2) "Presiding Officer" means the Commissioner of Financial Regulation or the Deputy Commissioner when acting pursuant to Financial Institutions Article, §2-103(e) Annotated Code of Maryland (Deputy Co
09.03.03.03.htm 09.03.03.03. 03 Publication.. Within 30 calendar days after an application is filed with the Commissioner of Financial Regulation, he shall publish in the Maryland Register a notice containing the name of the applicant, its proposed location, the subject matter of the application, and the date upon which the application was filed.
09.03.03.04.htm 09.03.03.04. 04 Solicitation of Comments.. 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.
09.03.03.05.htm 09.03.03.05. 05 Comments and Request for a Hearing.. 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.
09.03.03.06.htm 09.03.03.06. 06 Public Information.. 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.
09.03.03.07.htm 09.03.03.07. 07 Scheduling of a Hearing.. 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.
09.03.03.08.htm 09.03.03.08. 08 Notice of Hearings.. 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..
09.03.03.09.htm 09.03.03.09. 09 Hearing Rules.. 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 responsi
09.03.03.10.htm 09.03.03.10. 10 Decision.. 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.
09.03.03.11.htm 09.03.03.11. 11 Retained Authority.. 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.
09.03.03.9999.htm 09.03.03.9999. Administrative History Effective date: January 14, 1976 (3:3 Md. R. 146). Regulation .01 amended effective July 9, 2012 (39:13 Md. R. 785). Regulations .07 and .11 amended effective March 9, 1977 (4:5 Md. R. 372).
09.03.04.00.htm 09.03.04.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 04 Retail Installment Sellers Authority: Financial Institutions Article, §2-105.1 and Title 11, Subtitle 4; Commercial Law Article, Title 12, Subtitle 6; Annotated Code of Maryland
09.03.04.01.htm 09.03.04.01. 01 Repossession.. 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
09.03.04.02.htm 09.03.04.02. 02 Application of Proceeds of Resale by Holder of Repossessed Goods.. 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;.
09.03.04.03.htm 09.03.04.03. 03 Insurance.. A. Except as provided elsewhere in this regulation, if an insurance premium is financed as part of an installment sale agreement, whether for dual interest physical damage insurance or third-party liability insurance, or both, and the insurance is terminated for any reason by the insurer and the unearned premium returned to the holder of the installment sale agreement, the holder immediately shall remit the unearned premium to the buyer less only
09.03.04.9999.htm 09.03.04.9999. Administrative History Effective date: June 12, 1981 (8:12 Md. R. 1061). Chapter recodified from COMAR 09.04.03 to COMAR 09.03.04, April, 1998. Regulation .02 amended effective September 7, 1998 (25:18 Md. R. 1434).
09.03.05.00.htm 09.03.05.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 05 Code of Conduct ― Mortgage Brokers and Mortgage Bankers ― Repealed Administrative History Effective date: November 14, 1980 (7:23 Md. R. 2165)Regulations .02B and .10 amended effective August 16, 1982 (9:16 Md. R. 1604). Regulation .16 adopted effective August 16, 1982 (9:16 Md. R. 1604). Chapter repealed effective March 13, 2006 (33:5 Md. R. 519).
09.03.06.00.htm 09.03.06.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 06 Mortgage Lenders Authority: Business Regulation Article, §2-105; Financial Institutions Article, §2-105.1, 11-503, 11-503.1, 11-505, 11-506(a) 11-506(c)1) 11-507, 11-508(g) 11-511, 11-511.1, 11-513(a) and 11-515(c) Real Property Article, §3-104.1; Annotated Code of Maryland
09.03.06.01.htm 09.03.06.01. 01 Scope.. 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.
09.03.06.02.htm 09.03.06.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Advertisement" means a statement in any medium used or intended to induce any person to apply for a mortgage loan.2) "Annual percentage rate (APR) under §B(13) of this regulation, has the meaning stated in 12 CFR Part 226.3) Applicant.. a) "Applicant" means a borrower who has not received a commitment from a licensee to make the loan requested.
09.03.06.03.htm 09.03.06.03. 03 Licensing and Application Requirements.. 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.. 2) Repealed.. 3) For purposes of Financ
09.03.06.04.htm 09.03.06.04. 04 Records.. A. Preservation of Records.. 1) A licensee shall preserve the records of a mortgage loan transaction in one of the following ways:a) Original books, accounts, and files;. b) An approved electronic equivalent; or. c) An approved microphotographic copy.. 2) Time Period.. a) A lender shall retain records for 25 months after a loan is denied, repayment of the loan is made in full, or the loan is sold, whichever occurs first.b) A servicer shall retain records for 25 months a
09.03.06.05.htm 09.03.06.05. 05 Advertising and Solicitation.. 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; or2) Misrepresents terms, availability, rates, or charges incident to a mortgage loan.. B. Licensee Name and Address.. 1) A person may not advertise under any name or address other than a name o
09.03.06.06.htm 09.03.06.06. 06 Financing Agreements.. 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 o
09.03.06.07.htm 09.03.06.07. 07 Agreements with the Borrower.. A. Written Agreements.. 1) Agreements between a borrower and a licensee shall be:. a) In writing; and. b) Provided to the borrower following execution by all parties.. 2) Exact copies of original documents may be provided to the borrower to satisfy this section.. B. Agreements in Blank.. 1) A person may not obtain a borrower's or guarantor's signature on any of the following documents if blanks remain to be filled in after execution bya) A note;.
09.03.06.08.htm 09.03.06.08. 08 Loan Processing.. 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 t
09.03.06.09.htm 09.03.06.09. 09 Fees.. 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, §12-125, Annotated Code of Maryland, and these regulations, a licensee may not collect any fee from the applicant before providing the financing agreement.2) Notwithstanding §B(1)
09.03.06.10.htm 09.03.06.10. 10 Closing.. 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.B. A licensee may not collect a separate settlement fee in a loan when closing is conducted by:. 1) The lender;. 2) A subsidiary of the lender;. 3) A sister corporation of the lender;. 4) An owner or part owner of the lender;.
09.03.06.11.htm 09.03.06.11. 11 Brokers.. 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 th
09.03.06.12.htm 09.03.06.12. 12 Expedition.. 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 withi
09.03.06.13.htm 09.03.06.13. 13 Payoff and Accounting Statements-Releases.. 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;.
09.03.06.14.htm 09.03.06.14. 14 Waivers.. 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.
09.03.06.15.htm 09.03.06.15. 15 Bonds, Letters of Credit, and Trust Accounts.. A. 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 structured and maintained so that it is available for and subject to claims for 1 year following the expiration of the period for which it is issued.B. A separate bond coverage, letter of credit, or trust account shall be obtained for each licensing period.
09.03.06.16.htm 09.03.06.16. 16 Enforcement.. A person who violates these regulations is subject to the enforcement provisions of Financial Institutions Article, §11-517, Annotated Code of Maryland.
09.03.06.17.htm 09.03.06.17. 17 Continuing Education.. 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) Subject to Financial Institutions Article, §11-511.1, Annotated Code of Maryland, the continuing education requirement does not apply to the original application for a license.
09.03.06.18.htm 09.03.06.18. 18 Special Rules for Covered Loans.. 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 all covered loans made under the provisions of Commercial Law Article, Title 12, Subtitle 1, 3, 4, or 10, Annotated Code of Maryland.B. Definitions. In this regulation, the following terms have the meanings indicated:.
09.03.06.19.htm 09.03.06.19. 19 Repealed..
09.03.06.20.htm 09.03.06.20. 20 Duty of Care.. 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 borrow
09.03.06.21.htm 09.03.06.21. 21 Nontraditional and Higher-Priced Mortgage Loans.. 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.. 2) "Nontraditional mortgage loan" means any mortgage loan that allows the b
09.03.06.23.htm 09.03.06.23. 23 Fees.. A. Application Investigation Fee. The nonrefundable investigation fee required by Financial Institutions Article, §11-507(b)1) 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 NMLSR the license application
09.03.06.9999.htm 09.03.06.9999. Administrative History Effective date:. Regulations .01―15, Code of Conduct―Mortgage Lenders, adopted as an emergency provision effective July 1, 1989 (16:14 Md. R. 1564) emergency status extended at 16:26 Md. R. 2782 (Emergency provisions are temporary and not printed in COMAR) ―Regulations .01―16, Mortgage Lenders, adopted effective February 19, 1990 (17:3 Md. R. 297). Regulation .06A amended effective July 31, 1995 (22:15 Md. R. 1119).
09.03.07.00.htm 09.03.07.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 07 Credit Reporting Agencies Authority: Business Regulation Article, §2-105; Commercial Law Article, §14-1218(e) Annotated Code of Maryland
09.03.07.01.htm 09.03.07.01. 01 Scope.. 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.
09.03.07.02.htm 09.03.07.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Business customer" means a person who supplies to a consumer reporting agency information for inclusion in a consumer report.2) "Collection agency" has the meaning stated in Business Regulation Article, §7-101(c) Annotated Code of Maryland.3) "Commissioner" has the meaning stated in Commercial Law Article, §14-1201(j) Annotated Code of Maryland.4) "Consumer" has the mea
09.03.07.03.htm 09.03.07.03. 03 Annual Registration.. A. This regulation does not require a consumer reporting agency to register each year information previously registered that remains unchanged.B. A consumer reporting agency which issues consumer reports on residents of this State shall register with the Commissioner:1) On or before the effective date of these regulations; and. 2) On or before January 1 of each year after the effective date of these regulations.. C. To register under this
09.03.07.04.htm 09.03.07.04. 04 Operational Procedures.. A. A consumer reporting agency shall devise procedures to identify inaccurate information in consumer credit information submitted to it by its business customers.B. As a part of the procedures required in §A of this regulation, a consumer reporting agency shall:. 1) Inform business customers of the inaccuracies discovered in information which they supplied; and. 2) Take appropriate steps to work with its business customers to correct er
09.03.07.9999.htm 09.03.07.9999. Administrative History Effective date: June 6, 1994 (21:11 Md. R. 950). Chapter recodified from COMAR 09.04.07 to COMAR 09.03.07, April, 1998.
09.03.08.00.htm 09.03.08.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 08 Debt Management Services Repealed Administrative History Effective date: September 29, 2003 (30:19 Md. R. 1330)Regulation .01 repealed effective October 1, 2005 (32:18 Md. R. 1518).
09.03.09.00.htm 09.03.09.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 09 Mortgage Loan Originators Authority: Business Regulation Article, §2-105; Financial Institutions Article, §2-105.1, 11-602, 11-603.1, 11-605, 11-606, 11-609, 11-612, 11-612.1, and 11-613(b) Annotated Code of Maryland
09.03.09.01.htm 09.03.09.01. 01 Scope.. This chapter governs the conduct of any individual employed as a mortgage loan originator with respect to residential real estate located in this State.
09.03.09.02.htm 09.03.09.02. 02 Definitions.. 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 br
09.03.09.03.htm 09.03.09.03. 03 Education and Testing Requirements.. 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;.
09.03.09.04.htm 09.03.09.04. 04 Duty of Care.. 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
09.03.09.05.htm 09.03.09.05. 05 Applications.. 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 compl
09.03.09.06.htm 09.03.09.06. 06 Fees.. 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
09.03.09.07.htm 09.03.09.07. 07 Locations.. 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 originat
09.03.09.08.htm 09.03.09.08. 08 Loan Origination Under Expired License.. 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 th
09.03.09.09.htm 09.03.09.09. 09 Advertising and Solicitation.. 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; or2) Misrepresents terms, availability, rates, or charges incident to a mortgage loan.. B. Licensee Name and Address.. 1) A mortgage loan originator may not advertise un
09.03.09.9999.htm 09.03.09.9999. Administrative History Effective date: March 13, 2006 (33:5 Md. R. 519). Regulation .01 amended effective March 15, 2010 (37:5 Md. R. 427). Regulation .02B amended effective November 3, 2008 (35:22 Md. R. 1957) January 1, 2009 (35:26 Md. R. 2247)Regulation .02B amended as an emergency provision effective July 1, 2009 (36:15 Md. R. 1159) emergency status extended at 37:3 Md. R. 170; emergency status expired effective March 15, 2010
09.03.10.00.htm 09.03.10.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 10 Credit and Other Regulation Authority: Business Regulation Article, §2-105; Financial Institutions Article, §2-105.1, 5-909(1) 11-203, 11-503, 11-602, 12-104, 12-403(1) and 12-903(1) Annotated Code of Maryland
09.03.10.01.htm 09.03.10.01. 01 Definitions.. 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.. 2) "Commissioner" means the Commissioner of Financial Regulation in the Department of Labor, Licensing, and Regulation.
09.03.10.02.htm 09.03.10.02. 02 Reporting Fraud, Other Violations of Law, and Convictions.. 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.
09.03.10.03.htm 09.03.10.03. 03 Disclosures for Certain Mortgage Loans.. 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; or3) Include mandatory binding arbitration..
09.03.10.9999.htm 09.03.10.9999. Administrative History Effective date: November 3, 2008 (35:22 Md. R. 1957). Regulation .01B amended effective March 15, 2010 (37:5 Md. R. 427). Regulation .03A, B amended effective March 15, 2010 (37:5 Md. R. 427).
09.03.11.00.htm 09.03.11.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 11 Recordation of Security Instruments for Residential Property Authority: Real Property Article, §3-104.1, Annotated Code of Maryland
09.03.11.01.htm 09.03.11.01. 01 Definitions.. 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.
09.03.11.02.htm 09.03.11.02. 02 Information in Recorded Security Instrument.. 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:
09.03.11.9999.htm 09.03.11.9999. Administrative History Effective date:. Regulation .01 adopted as an emergency provision effective April 10, 2008 (35:10 Md. R. 970) emergency status extended at 35:23 Md. R. 2012Regulation .02 adopted as an emergency provision effective May 23, 2008 (35:13 Md. R. 1177) emergency status extended at 35:23 Md. R. 2012 ―Regulations .01 and .02 adopted effective December 29, 2008 (35:26 Md. R. 2247).
09.03.12.00.htm 09.03.12.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 12 Foreclosure Procedures for Residential Property Authority: Real Property Article, §7-105.1 and 7-105.14, Annotated Code of Maryland
09.03.12.01.htm 09.03.12.01. 01 Definitions.. 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 wit
09.03.12.02.htm 09.03.12.02. 02 Notice of Intent to Foreclose.. A. Subject to §E and F of this regulation, a person required to send a notice of intent to foreclose under Real Property Article, §7-105.1, Annotated Code of Maryland, shall send a notice of intent to foreclose, which shall fully conform with §B, C, or D of this regulation.B. Owner-Occupied Residential Property.. 1) Subject to §C of this regulation, a notice of intent to foreclose on owner-occupied residential property shall be in a for
09.03.12.03.htm 09.03.12.03. 03 Preliminary Loss Mitigation Affidavit.. 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 chapter.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.
09.03.12.04.htm 09.03.12.04. 04 Final Loss Mitigation Affidavit.. 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 chapter.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.
09.03.12.05.htm 09.03.12.05. 05 Postfile Foreclosure Mediation.. 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 chapter.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.
09.03.12.06.htm 09.03.12.06. 06 Loss Mitigation Application and Instructions.. 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.Click here to view ALL Appendices referenced in this chapter..
09.03.12.07.htm 09.03.12.07. 07 Addressed Envelope.. 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 “los
09.03.12.08.htm 09.03.12.08. 08 Notice of Filing.. A. Notice of Filing to Accompany a Preliminary Loss Mitigation Affidavit.. 1) A form substantially similar to that in Appendix H-1 of this chapter 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 w
09.03.12.09.htm 09.03.12.09. 09 Prefile Mediation Process.. 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 s
09.03.12.10.htm 09.03.12.10. 10 Office of Administrative Hearings.. 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 chapter.
09.03.12.11.htm 09.03.12.11. 11 Time.. In computing any period of time prescribed by this chapter, Maryland Rule 1-203 shall apply.. Click here to view ALL Appendices referenced in this chapter..
09.03.12.12.htm 09.03.12.12. 12 Filing of Duplicate Forms.. 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 ALL Appendices referenced in this chapter..
09.03.12.9999.htm 09.03.12.9999. Administrative History Effective date: December 29, 2008 (35:26 Md. R. 2248). Regulation .01B amended effective March 15, 2010 (37:5 Md. R. 428). Regulation .02A amended effective March 15, 2010 (37:5 Md. R. 428) ―. Chapter revised as an emergency provision effective July 1, 2010 (37:15 Md. R. 986) emergency provision extended to 6/24/2011 (38:2 Md. R. 79) emergency provision extended to 11/24/2011 (38:14 Md. R. 787)Regulation .02C amended as an emergency provision
09.03.13.00.htm 09.03.13.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 13 State Collection Agency Licensing Board ― Fees Authority: Business Regulation Article, Title 7, Subtitle 1 and §7-302, 7-302.1, and 7-306, Annotated Code of Maryland
09.03.13.01.htm 09.03.13.01. 01 Purpose.. 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.
09.03.13.02.htm 09.03.13.02. 38:14 .02 Fees.. 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.
09.03.13.9999.htm 09.03.13.9999. Administrative History Effective date: October 3, 2011 (38:19 Md. R. 1147). Regulation .02 amended effective July 2, 2018 (45:13 Md. R. 664).
09.03.14.00.htm 09.03.14.00. Title 09 DEPARTMENT OF LABOR, LICENSING, AND REGULATION Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 14 Money Transmitters Authority: Financial Institutions Article, §12-403, Annotated Code of Maryland
09.03.14.01.htm 09.03.14.01. 01 Examination Fees.. 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 posit
09.03.14.9999.htm 09.03.14.9999. Administrative History Effective date: May 27, 2013 (40:10 Md. R. 916).
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