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ROBERT L. EHRLICH, JR., Governor
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Ch. 132
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11-513.
(a) Each licensee shall keep and make available to the Commissioner at the
licensee's place of business any books and records that the Commissioner, by rule or
regulation, requires to enable the Commissioner to enforce:
(1) This subtitle;
(2) Any rule or regulation adopted under this subtitle; and
(3) Any other provision regulating the application, making, brokering, or
servicing of mortgage loans under Titles 12 through 14 of the Commercial Law
Article.
(b) Subject to approval by the Commissioner, nothing in this section is to be
construed to prohibit a licensee from maintaining duplicate records or electronic
equivalents at the licensee's place of business.
(c) [On] NOTWITHSTANDING SUBSECTION (A) OF THIS SECTION, ON approval
of the Commissioner, a licensee need not keep at the licensee's place of business any
books and records otherwise required by the Commissioner under subsection (a) of
this section if the licensee:
(1) [Is a federally approved seller-servicer;
(2)] Makes the books and records available to the Commissioner at the
licensee's place of business within 5 business days of the Commissioner's official
request; and
[(3)] (2) Retains the records for at least 25 months in a storage facility
disclosed to the Commissioner.
[11-522.
(a) In this section, "approved servicer" means a mortgage lender as defined
under § 11-501(j)(1)(iii) of this subtitle that is a federally approved seller-servicer.
(b) A mortgage lender that engages in the business of servicing mortgage
loans for the lender or assignee of the mortgage loan or collecting or otherwise
receiving mortgage loan payments directly from borrowers for distribution to the
lender or assignee of the mortgage loan is not subject to the licensing and bonding
requirements of this subtitle if the servicer is an approved servicer.
(c) An approved servicer that services mortgage loans originally made in this
State shall:
(1) Register with the Commissioner on or before each January 1; and
(2) (i) File annually with the Commissioner information satisfactory
to the Commissioner that the mortgage lender should be exempt from the licensing
and bonding requirements of this subtitle; and
(ii) Provide to the Commissioner documentation that the mortgage
lender is a federally approved seller-servicer.
- 935 -
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