Ch. 476

LAWS OF MARYLAND

THE COMMISSIONER OF CONSUMER CREDIT MAY ADOPT RULES AND
REGULATIONS TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE.

11-504.

A
IS:

PERSON MAY NOT ACT AS A MORTGAGE LENDER UNLESS THE PERSON

(1)

(2)
SUBTITLE; OR

(3)

A LICENSEE;

A PERSON EXEMPTED FROM LICENSING UNDER THIS

(3) A PERSON REGISTERED UNDER § 11-522 OF THIS
SUBTITLE.

11-505.

(A) A LICENSE ISSUED UNDER THIS SUBTITLE AUTHORIZES THE
LICENSEE TO ACT AS A MORTGAGE LENDER UNDER THE LICENSE AT THE
LICENSED PLACE OF BUSINESS.

(B)

LICENSE.

ONLY 1 PLACE OF BUSINESS MAY BE MAINTAINED UNDER ANY

(C)  A MORTGAGE LENDER MAY MAINTAIN MORE THAN 1 LICENSE
UNDER THIS SUBTITLE PROVIDED THAT A SEPARATE APPLICATION FOR EACH
LICENSE IS MADE PURSUANT TO § 11-507 OF THIS SUBTITLE AND THE
COMMISSIONER APPROVES SUCH APPLICATION.

(D)  (1) THE COMMISSIONER SHALL INCLUDE ON EACH LICENSE:

(I)  THE NAME OF THE LICENSEE; AND

(II)  THE ADDRESS AT WHICH THE BUSINESS IS TO BE
CONDUCTED.

(2) A PERSON MAY NOT CONDUCT ANY MORTGAGE LOAN
BUSINESS AT ANY LOCATION OR UNDER ANY NAME DIFFERENT FROM THE
ADDRESS AND NAME THAT APPEARS ON THE PERSON'S LICENSE.

(E)  (1) A LICENSEE MAY NOT RECEIVE ANY APPLICATION FOR A
LOAN SECURED BY A SECONDARY MORTGAGE OR DEED OF TRUST, OR ALLOW
ANY NOTE OR CONTRACT FOR A LOAN, MORTGAGE, OR EVIDENCE OF
INDEBTEDNESS SECURED BY A SECONDARY MORTGAGE OR DEED OF TRUST TO
BE SIGNED OR EXECUTED AT ANY PLACE FOR WHICH THE PERSON DOES NOT
HAVE A LICENSE, EXCEPT AT THE OFFICE OF:

(I) THE ATTORNEY FOR THE BORROWER OR FOR THE

LICENSEE; OR

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