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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).
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