2016

LAWS OF MARYLAND

Ch. 246

(1)  [reprimand] REPRIMAND, suspend, or revoke the
license of any mortgage banker or mortgage broker if the licensee
or any owner, director, officer, or partner of the licensee:

[(1)] (I) Without exercising due care makes any
material misstatement in an application for a license;

[(2)] (II) Has been convicted of any crime of moral
turpitude;

[(3)] (III) In connection with any mortgage banker or
mortgage broker transaction:

[(i)] 1. Commits any fraud;

[(ii)] 2. Engages in any illegal banking
activities;

[(iii)] 3. Knowingly misrepresents or fails to
disclose any material facts to anyone entitled to that
information; or

[(4)] (IV) Knowingly or without exercising due care
violates any provision of the mortgage banker and mortgage broker
law or of the code of conduct adopted under it; AND

(2)  ENFORCE THE PROVISIONS OF THIS SUBTITLE THROUGH
THE IMPOSITION OF PENALTIES UP TO $1,000 FOR EACH VIOLATION OF
THE PROVISIONS.

(B) IN DETERMINING THE AMOUNT OF FINANCIAL PENALTY TO BE
IMPOSED UNDER SUBSECTION (A)(2) OF THIS SECTION, THE COMMISSIONER
SHALL CONSIDER THE FOLLOWING:

(1)  THE SERIOUSNESS OF THE VIOLATION;

(2)  THE GOOD FAITH OF THE VIOLATOR;

(3)  THE VIOLATOR'S HISTORY OF PREVIOUS VIOLATIONS;

(4)  THE DELETERIOUS EFFECT OF THE VIOLATION ON THE
PUBLIC AND MORTGAGE INDUSTRY; AND

(5)  THE ASSETS OF THE VIOLATOR.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 21, 1985.