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S.B. 660
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VETOES
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(I) AS A CONDITION OF ESTABLISHING THE NET BRANCH, THE
MORTGAGE LENDER REQUIRES THE MORTGAGE ORIGINATOR WHO WORKS IN OR OUT
OF THE BRANCH OFFICE, OR A PERSON CONTROLLED BY THE MORTGAGE
ORIGINATOR, TO PAY AN APPLICATION, LICENSING, FRANCHISE, START-UP, OR
OTHER FEE TO THE MORTGAGE LENDER OR DIRECTLY TO THE COMMISSIONER;
(II) THE OVERHEAD EXPENSES OF THE NET BRANCH ARE PAID IN
WHOLE OR IN PART BY:
1. A MORTGAGE ORIGINATOR WHO WORKS IN OR OUT OF
THE BRANCH OFFICE; OR
2. A PERSON CONTROLLED BY A MORTGAGE ORIGINATOR
WHO WORKS IN OR OUT OF THE BRANCH OFFICE; OR
(III) THE MORTGAGE LENDER IS NOT:
1. AN OBLIGOR ON A LEASE OF THE PREMISES OF THE
BRANCH LOCATION; OR
2. AN OWNER OF THE PREMISES OF THE BRANCH LOCATION.
(2) "NET BRANCH OFFICE" DOES NOT INCLUDE THE MORTGAGE
LENDER'S PRINCIPAL OFFICE.
11-602.
(A) (1) THE LICENSING PROVISIONS OF THIS SUBTITLE DO NOT APPLY TO
INDEPENDENT CONTRACTORS.
(2) INDEPENDENT CONTRACTORS ARE SUBJECT TO THE LICENSING
PROVISIONS OF SUBTITLE 5 OF THIS TITLE UNLESS EXEMPT FROM LICENSING
UNDER § 11-502 OF THIS TITLE THAT SUBTITLE.
(B) THE COMMISSIONER MAY ADOPT REGULATIONS TO CARRY OUT THIS
SUBTITLE.
11-603.
(A) A LICENSE ISSUED UNDER THIS SUBTITLE AUTHORIZES THE LICENSEE TO
ACT AS A MORTGAGE ORIGINATOR ONLY WHEN ACTING WITHIN THE SCOPE OF
EMPLOYMENT WITH A MORTGAGE LENDER
(B) A LICENSEE MAY NOT:
(1) MAINTAIN MORE THAN ONE LICENSE UNDER THIS SUBTITLE; OR
(2) BE EMPLOYED BY MORE THAN ONE MORTGAGE LENDER
(C) (1) THE COMMISSIONER SHALL INCLUDE ON EACH LICENSE:
(I) THE NAME OF THE LICENSEE; AND
(II) THE NAME OF THE LICENSEE'S EMPLOYER
- 3754 -
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