HARRY HUGHES, Governor                                     3069

(C) (1) WITH THE APPLICATION FOR A NEW LICENSE OR FOR THE
RENEWAL OF A LICENSE, THE APPLICANT SHALL FILE EITHER A SURETY
BOND OR BOND RENEWAL CERTIFICATE.

(2) THE SURETY BOND FILED UNDER THIS SUBSECTION SHALL
RUN TO THE BANK COMMISSIONER FOR THE BENEFIT OF ANY PERSON WHO
HAS CAUSE OF ACTION AGAINST THE APPLICANT.

(3) THE SURETY BOND SHALL BE:

(I) IN THE AMOUNT OF $50,000;

(II) ISSUED BY A SURETY COMPANY AUTHORIZED TO
DO BUSINESS IN THIS STATE;

(III) CONDITIONED THAT THE APPLICANT SHALL
COMPLY WITH ALL MARYLAND LAWS RELATED TO THE BROKERING OR MAKING
OF LOANS SECURED BY REAL PROPERTY OR THE CODE OF CONDUCT FOR
MORTGAGE BANKERS AND MORTGAGE BROKERS; AND                                   

(IV) APPROVED BY THE BANK COMMISSIONER.

(D) SUBSECTION (C) OF THIS SECTION SHALL NOT APPLY TO ANY
MORTGAGE BANKER OR MORTGAGE BROKER WHOSE CORPORATE PURPOSE AS SET
FORTH IN ITS ARTICLES OF INCORPORATION SPECIFICALLY EXCLUDES THE
MAKING OR ARRANGING OF LOANS SECURED BY RESIDENTIAL PROPERTY OF
FOUR OR LESS UNITS.

12-507.1.

(b) [In the course of the investigation of the complaint,
the] THE Bank Commissioner may:

(1) EXAMINE THE BUSINESS OF EACH LICENSEE AT ANY TIME
THAT THE BANK COMMISSIONER CONSIDERS NECESSARY;

(2) MAKE ANY OTHER INVESTIGATION OF ANY PERSON IF THE
BANK COMMISSIONER HAS REASONABLE CAUSE TO BELIEVE THAT THE PERSON
HAS VIOLATED ANY PROVISION OF THE MORTGAGE BANKERS AND MORTGAGE
BROKERS LAW OR OF THE CODE OF CONDUCT ADOPTED UNDER IT;

(3) EXAMINE THE BOOKS AND RECORDS OF ANY LICENSEE OR
ANY OTHER PERSON WHO THE BANK COMMISSIONER BELIEVES HAS VIOLATED
ANY PROVISION OF THE MORTGAGE BANKERS AND MORTGAGE BROKERS LAW OR
OF ANY CODE OF CONDUCT ADOPTED UNDER IT; AND

(4) REQUIRE THAT A LICENSEE EXAMINED OR INVESTIGATED
BY THE BANK COMMISSIONER UNDER THIS SECTION SHALL PAY TO THE BANK
COMMISSIONER A PER DIEM FEE OF NOT MORE THAN $100 FOR EACH OF THE
BANK COMMISSIONER'S EMPLOYEES ENGAGED IN THE EXAMINATION OR
INVESTIGATION.

[(1) Subpoena witnesses;

(2) Administer oaths;