Ch. 476
LAWS OF MARYLAND
(b) (4) A LENDER MAKING A MORTGAGE LOAN AS DEFINED UNDER §
11-501 OF THE FINANCIAL INSTITUTIONS ARTICLE SHALL BE SUBJECT TO
THE LICENSING PROVISIONS OF TITLE 11, SUBTITLE 5 OF THE FINANCIAL
INSTITUTIONS ARTICLE.
12-125.
(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.
(2) "BORROWER" MEANS A PERSON WHO MAKES AN
APPLICATION FOR A LOAN SECURED BY A FIRST MORTGAGE OR FIRST DEED
OF TRUST ON A 1- TO 4-FAMILY HOME TO BE OCCUPIED BY THE BORROWER
AS THE BORROWER'S PRIMARY RESIDENCE.
(3) "COMMITMENT" MEANS A WRITTEN, SPECIFIC, BINDING
AGREEMENT BETWEEN A BORROWER AND A LENDER WHICH SETS FORTH THE
TERMS OF A LOAN BEING EXTENDED TO THE BORROWER.
(4) "FINANCING AGREEMENT" MEANS A WRITTEN AGREEMENT
BETWEEN A BORROWER AND A LENDER WHICH SETS FORTH THE TERMS OF A
PURCHASE MONEY LOAN OR A REFINANCING OF AN EXISTING LOAN THAT:
(I) RESULTS IN OR IS SECURED BY A FIRST
MORTGAGE OR A FIRST DEED OF TRUST ON A 1- TO 4-FAMILY HOME TO BE
OCCUPIED BY THE BORROWER; AND
(II) IS OFFERED OR EXTENDED TO THE BORROWER.
(5) (I) "LENDER" MEANS A PERSON SUBJECT TO THE
LICENSING REQUIREMENTS OF TITLE 11, SUBTITLE 5 OF THE FINANCIAL
INSTITUTIONS ARTICLE.
(II) "LENDER" DOES NOT INCLUDE A PERSON EXEMPT
FROM LICENSURE UNDER § 11-502 OF THE FINANCIAL INSTITUTIONS
ARTICLE.
(6) (I) "LOAN APPLICATION" MEANS ANY ORAL OR WRITTEN
REQUEST FOR AN EXTENSION OF CREDIT THAT IS MADE IN ACCORDANCE
WITH PROCEDURES ESTABLISHED BY A LENDER FOR THE PURPOSE OF
INDUCING THE LENDER TO SEEK TO PROCURE OR MAKE A MORTGAGE LOAN.
(II) "LOAN APPLICATION" DOES NOT INCLUDE THE
USE OF AN ACCOUNT OR LINE OF CREDIT TO OBTAIN A LOAN WITHIN A
PREVIOUSLY ESTABLISHED CREDIT LIMIT.
(B) (1) A LENDER WHO OFFERS TO MAKE OR PROCURE A LOAN
SECURED BY A FIRST MORTGAGE OR FIRST DEED OF TRUST ON A 1- TO
4-FAMILY HOME TO BE OCCUPIED BY THE BORROWER SHALL PROVIDE THE
BORROWER WITH A FINANCING AGREEMENT EXECUTED BY THE LENDER WITHIN
10 BUSINESS DAYS AFTER THE DATE THE LOAN APPLICATION IS
COMPLETED.
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