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S.B. 660
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VETOES
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Commissioner a certain fee; establishing the Commissioner's examination and
enforcement powers; establishing certain notice and hearing requirements;
establishing certain penalties for a violation of this Act; providing that the
employment of a mortgage originator licensed under this Act by a mortgage
lender does not relieve the mortgage lender of certain responsibilities;
authorizing the Commissioner to adopt regulations to carry out this Act;
defining certain terms; and generally relating to mortgage originators.
BY adding to
Article - Financial Institutions
Section 11-517(f); and 11-601 through 11-618, inclusive, to be under the new
subtitle "Subtitle 6. Mortgage Originators"
Annotated Code of Maryland
(2003 Replacement Volume and 2004 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Financial Institutions
11-517.
(F) THE EMPLOYMENT OF A MORTGAGE ORIGINATOR LICENSED UNDER
SUBTITLE 6 OF THIS TITLE BY A MORTGAGE LENDER DOES NOT RELIEVE THE
MORTGAGE LENDER OF A RESPONSIBILITY UNDER THIS SUBTITLE, A RULE OR
REGULATION ADOPTED UNDER THIS SUBTITLE, OR A LAW GOVERNING MORTGAGE
LENDING IN THE STATE.
SUBTITLE 6. MORTGAGE ORIGINATORS.
11-601.
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(B) "BORROWER" HAS THE MEANING STATED IN § 11-501 OF THIS TITLE.
(C) "FUND" MEANS THE MORTGAGE LENDER-ORIGINATOR FUND
ESTABLISHED UNDER § 11-610 OF THIS SUBTITLE.
(D) "INDEPENDENT CONTRACTOR" MEANS A PERSON WHOSE COMPENSATION
IS PAID WITHOUT A DEDUCTION FOR FEDERAL OR STATE INCOME TAX.
(E) "LICENSE" MEANS A LICENSE ISSUED BY THE COMMISSIONER UNDER
THIS SUBTITLE.
(E) (F) "LICENSEE" MEANS AN INDIVIDUAL WHO IS LICENSED BY THE
COMMISSIONER UNDER THIS SUBTITLE.
(F) (G) "LOAN APPLICATION" HAS THE MEANING STATED IN § 11-501 OF THIS
TITLE.
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- 3752 -
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