3068

LAWS OF MARYLAND

Ch. 665

(II) IF AN EMPLOYEE OF A MORTGAGE BROKERAGE
HOUSE, THE BROKERAGE HOUSE HAS FILED WITH THE BANK COMMISSIONER
THE CORPORATE SURETY BOND REQUIRED UNDER § 12-503.2 OF THIS
SUBTITLE; OR

(2) [Is] THE PERSON IS a person exempted from
licensing under this subtitle.

12-503.2.

BEFORE BEING LICENSED BY THE BANK COMMISSIONER, EACH

MORTGAGE BROKER APPLYING TO BE LICENSED UNDER THIS SUBTITLE SHALL
CERTIFY THAT THE MORTGAGE BROKERAGE HOUSE FOR WHICH THE MORTGAGE

BROKER IS EMPLOYED HAS OBTAINED AND FILED WITH THE BANK

COMMISSIONER A CORPORATE SURETY BOND IN THE AMOUNT OF $50,000, IN
A FORM APPROVED BY THE INSURANCE DIVISION.

12-503.3.

THE BANK COMMISSIONER MAY AUDIT ANNUALLY EACH MORTGAGE
BROKERAGE HOUSE THAT MAKES ANY LOANS SECURED BY RESIDENTIAL REAL
PROPERTY IN THE YEAR IMMEDIATELY PRECEDING THE AUDIT.

[12-504.

An applicant for a license shall - pay to the Bank
Commissioner a license fee of $100.]

12-504.

(A) (1) TO APPLY FOR A LICENSE, AN APPLICANT SHALL SIGN AND
SUBMIT TO THE BANK COMMISSIONER A VERIFIED APPLICATION ON THE
FORM THAT THE BANK COMMISSIONER REQUIRES.

(2) THE APPLICANT SHALL COMPLY WITH ALL CONDITIONS
AND PROVISIONS WITHIN THE APPLICATION FOR LICENSURE.

(3) THE APPLICANT SHALL SUBMIT ANY OTHER INFORMATION
THAT THE BANK COMMISSIONER MAY REQUIRE.

(B) WITH THE APPLICATION, THE APPLICANT SHALL PAY TO THE
BANK COMMISSIONER:

(1) AN INVESTIGATION FEE OF $100; AND

(2) A LICENSE FEE OF EITHER:

(I) $300 IF THE APPLICANT APPLIES FOR A LICENSE
TO BE ISSUED ON OR AFTER JULY 1 AND ON OR BEFORE DECEMBER 31; OR

(II) $150 IF THE APPLICANT APPLIES FOR A
LICENSE TO BE ISSUED ON OR AFTER JANUARY 1 AND ON OR BEFORE JUNE
30.