2204

LAWS OF MARYLAND

Ch. 303

12-503.1.

(A)  TO QUALIFY FOR A LICENSE, AN APPLICANT SHALL SATISFY
THE BANK COMMISSIONER THAT THE APPLICANT IS OF GOOD MORAL
CHARACTER AND FINANCIAL RESPONSIBILITY TO CONDUCT THE BUSINESS OF
A MORTGAGE BANKER AND A MORTGAGE BROKER.

(B)  THE BANK COMMISSIONER MAY DENY AN APPLICATION FOR A
LICENSE TO ANY PERSON WHO HAS COMMITTED ANY ACT THAT WOULD BE A
GROUND FOR REPRIMAND, SUSPENSION, OR REVOCATION OF A LICENSE
UNDER § 12-508 OF THIS SUBTITLE.

12-508.

Subject to the hearing provisions of § 12-509 of this
subtitle, the Bank Commissioner may REPRIMAND, suspend, or revoke
the license of any mortgage banker or mortgage broker if[:] THE
LICENSEE OR ANY OWNER, DIRECTOR, OFFICER, OR PARTNER OF THE
LICENSEE:

[(1) The mortgage banker or mortgage broker violates
any provision of the code of conduct established by the Bank
Commissioner under this subtitle; and

(2) The Bank Commissioner finds that disciplinary action is
in the public interest.]

(1)  WITHOUT EXERCISING DUE CARE MAKES ANY MATERIAL
MISSTATEMENT IN AN APPLICATION FOR A LICENSE;

(2)  HAS BEEN CONVICTED OF ANY CRIME OF MORAL
TURPITUDE;

(3)   IN CONNECTION WITH ANY MORTGAGE BANKER OR
MORTGAGE BROKER TRANSACTION:

(I)  COMMITS ANY FRAUD;

(II)  ENGAGES IN ANY DISHONEST ILLEGAL BANKING
ACTIVITIES;

(III)  KNOWINGLY MISREPRESENTS OR FAILS TO
DISCLOSE ANY MATERIAL FACTS TO ANYONE ENTITLED TO THAT
INFORMATION; OR

(4)  KNOWINGLY OR WITHOUT EXERCISING DUE CARE VIOLATES
ANY PROVISION OF THE MORTGAGE BANKER AND MORTGAGE BROKER LAW OR
OF THE CODE OF CONDUCT ADOPTED UNDER IT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 15, 1984.