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ROBERT L. EHRLICH, JR., Governor
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S.B. 660
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(2) UNLESS THE LICENSEE NOTIFIES THE COMMISSIONER IN WRITING
IN ADVANCE OF A CHANGE IN THE LICENSEE'S NAME OR THE LICENSEE'S EMPLOYER
AND PAYS TO THE COMMISSIONER A LICENSE AMENDMENT FEE OF $75 FOR EACH
NOTICE PROVIDED UNDER THIS PARAGRAPH, AN INDIVIDUAL MAY NOT ACT AS A
MORTGAGE ORIGINATOR UNDER A NAME OR FOR AN EMPLOYER THAT IS DIFFERENT
FROM THE NAME AND EMPLOYER THAT APPEAR ON THE LICENSE.
(D) A LICENSE MAY BE ISSUED UNDER THIS SUBTITLE TO AN INDIVIDUAL
WHO IS EMPLOYED BY A MORTGAGE LENDER THE THAT HAS ITS PRINCIPAL OFFICE
OF WHICH IS LOCATED OUTSIDE THE STATE IF THE MORTGAGE LENDER MAINTAINS:
(1) A RESIDENT AGENT WITHIN THE STATE; AND
(2) AN OFFICE WITHIN THE STATE STAFFED BY AT LEAST ONE
EMPLOYEE AUTHORIZED TO ORIGINATE MORTGAGE LOANS.
(E) NOTWITHSTANDING PARAGRAPH (D)(2) OF THIS SECTION, A MORTGAGE
LENDER IS NOT REQUIRED TO MAINTAIN AN OFFICE IN THIS 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.
11-604.
BEGINNING ON JANUARY 1, 2007, AN INDIVIDUAL MAY NOT ACT AS A MORTGAGE
ORIGINATOR UNLESS THE INDIVIDUAL IS:
(1) A LICENSEE; OR
(2) EXEMPT FROM LICENSING UNDER THIS SUBTITLE OR SUBTITLE 5 OF
THIS TITLE.
11-605.
(A) TO QUALIFY FOR A LICENSE, AN APPLICANT SHALL SATISFY THE
COMMISSIONER THAT:
(1) THE APPLICANT:
(I) HAS AT LEAST 3 YEARS OF EXPERIENCE IN THE MORTGAGE
LENDING BUSINESS AND HAS COMPLETED THE ANY REQUIRED COURSES FOR
CONTINUING EDUCATION ESTABLISHED BY THE COMMISSIONER UNDER § 11-612 OF
THIS SUBTITLE; OR
(II) HAS COMPLETED 40 HOURS OF CLASSROOM EDUCATION
CONDUCTED IN THE STATE AND ACHIEVED A PASSING GRADE ON A WRITTEN
EXAMINATION DEVELOPED AND ADMINISTERED BY THE PERSON CONDUCTING THE
CLASSROOM EDUCATION COURSE APPROVED BY THE COMMISSIONER FOR NEW
APPLICANTS; AND
(2) THE APPLICANT IS OF GOOD MORAL CHARACTER AND HAS GENERAL
FITNESS TO WARRANT THE BELIEF THAT THE APPLICANT WILL ACT AS A MORTGAGE
ORIGINATOR IN A LAWFUL, HONEST, FAIR, AND EFFICIENT MANNER.
- 3755 -
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