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ROBERT L. EHRLICH, JR., Governor
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S.B. 660
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Senate Bill No. 660
AN ACT concerning
Financial Institutions - Consumer Credit - Mortgage Originators
FOR the purpose of prohibiting an individual from acting as a mortgage originator on
or after a certain date unless the individual is a licensee or is exempt from
licensing under this Act; providing that a license issued under this Act
authorizes a licensee to act as a mortgage originator only when acting within the
scope of employment with a mortgage lender; prohibiting a licensee from
maintaining more than one license or being employed by more than one
mortgage lender; requiring the Commissioner of Financial Regulation in the
Department of Labor, Licensing, and Regulation to include certain items on each
license; prohibiting an individual from acting as a mortgage originator under a
name or for an employer that is different from the name and employer that
appear on the license unless certain conditions are met; authorizing the
issuance of a license to an individual employed by a mortgage lender, the
principal office of which is located outside the State, if certain conditions are
met; providing that a mortgage lender is not required to maintain an office in
the State if the laws of the state in which its principal office is located authorize
a mortgage lender from this State to engage in mortgage lending without
maintaining an office in that state; establishing certain qualifications for
obtaining a license; authorizing the Commissioner to deny an application for a
license under certain circumstances; establishing procedures for applying for a
license; requiring the Commissioner to conduct an investigation to determine if
an applicant meets certain requirements under this Act; requiring the
Commissioner to issue a license to an applicant who meets certain
requirements; establishing procedures for the approval, provisional approval,
provisional denial, and denial of an application; providing for the expiration of a
license; establishing procedures for renewal of a license; prohibiting the
Commissioner from refunding any part of a license an investigation fee under
certain circumstances; authorizing the Commissioner to determine that licenses
issued under this Act shall expire on a staggered basis; establishing a Mortgage
Lender-Originator Fund; providing that the Fund shall consist of certain items;
requiring the Commissioner to pay certain fines and penalties into the General
Fund of the State; establishing the purpose of the Fund; requiring the annual
State budget to include certain items; authorizing the making of certain
expenditures from the Fund under certain circumstances; requiring certain
amounts in the Fund to be carried forward under certain circumstances;
providing that the State Treasurer is the custodian of the Fund; providing that
the Fund is a special, nonlapsing fund that is not subject to certain provisions of
law; requiring the Governor to appropriate certain funds in a certain manner;
requiring the Commissioner to adopt certain regulations relating to continuing
education requirements; authorizing certain aggrieved persons to file a written
complaint with the Commissioner; requiring the Commissioner to investigate
the complaint; authorizing the Commissioner to make any other investigation of
a person under certain circumstances; requiring a licensee to pay to the
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