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ROBERT L. EHRLICH, JR., Governor S.B. 660
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(G) (H) "MORTGAGE LENDER" MEANS A PERSON THAT IS LICENSED AS A
MORTGAGE LENDER UNDER SUBTITLE 5 OF THIS TITLE.
(H) (I) "MORTGAGE LENDING BUSINESS" HAS THE MEANING STATED IN §
11-501 OF THIS TITLE.
(I) (J) "MORTGAGE LOAN" HAS THE MEANING STATED IN § 11-501 OF THIS
TITLE.
(J) (K) (1) "MORTGAGE ORIGINATOR" MEANS AN INDIVIDUAL WHO:
(I) IS AN EMPLOYEE OF A MORTGAGE LENDER THAT:
1. IS A MORTGAGE BROKER AS DEFINED IN § 11-501(I) OF
THIS TITLE; OR
2. HAS OR WILL HAVE A NET BRANCH OFFICE AT OR OUT OF
WHICH THE INDIVIDUAL WORKS OR WILL WORK; AND
(II) DIRECTLY CONTACTS PROSPECTIVE BORROWERS FOR THE
PURPOSE OF NEGOTIATING WITH OR ADVISING THE PROSPECTIVE BORROWERS
REGARDING MORTGAGE LOAN TERMS AND AVAILABILITY;
(III) RECEIVES FROM THE MORTGAGE LENDER COMPENSATION
THAT IS CALCULATED:
1. AS A PERCENTAGE OF THE PRINCIPAL AMOUNT OF
MORTGAGE LOANS ORIGINATED BY THE INDIVIDUAL; OR
2. AS A PERCENTAGE OF THE INTEREST, FEES, AND
CHARGES RECEIVED BY THE MORTGAGE LENDER THAT RESULT FROM MORTGAGE
LOAN TRANSACTIONS ORIGINATED BY THE INDIVIDUAL; AND
(V) (IV) IS AUTHORIZED TO ACCEPT A LOAN APPLICATION ON
BEHALF OF THE MORTGAGE LENDER.
(2) "MORTGAGE ORIGINATOR" DOES NOT INCLUDE AN INDIVIDUAL WHO:
(I) OWNS A 25 PERCENT OR MORE INTEREST IN THE MORTGAGE
LENDER; OR
(II) IS LICENSED UNDER SUBTITLE 5 OF THIS TITLE; OR.
(III) 1. IS AN EMPLOYEE, OR UNDER EXCLUSIVE CONTRACT WITH
AN AFFILIATE, OF A FEDERAL SAVINGS BANK OR FEDERAL SAVINGS ASSOCIATION
THAT MAINTAINS A BRANCH OFFICE IN THE STATE THAT ACCEPTS DEPOSITS; AND
2. HAS DUTIES THAT DO NOT INCLUDE HANDLING
BORROWER FUNDS OR PERFORMING TASKS RELATED TO UNDERWRITING OR
ASSESSING CREDITWORTHINESS.
(K) (L) (1) "NET BRANCH OFFICE" MEANS A BRANCH OFFICE OF A
MORTGAGE LENDER THAT IS SEPARATELY LICENSED UNDER SUBTITLE 5 OF THIS
TITLE IF:
- 3753 -
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