Ch. 588
1997 LAWS OF MARYLAND
(1) ANY BANK TRUST COMPANY, SAVINGS BANK SAVINGS AND LOAN
ASSOCIATION, OR CREDIT UNION INCORPORATED OR CHARTERED UNDER THE
LAWS OF THIS STATE OR THE UNITED STATES THAT MAINTAINS ITS PRINCIPAL
OFFICE IN THIS STATE:
(2) ANY OUT-OF-STATE BANK AS THAT TERM IS DEFINED IN § 5-1001 OF
THIS ARTICLE. HAVING A BRANCH THAT ACCEPTS DEPOSITS IN THIS STATE; OR
(3) ANY INSTITUTION INCORPORATED UNDER FEDERAL LAW AS A
SAVINGS ASSOCIATION OR SAVINGS BANK THAT DOES NOT MAINTAIN ITS PRINCIPAL
OFFICE IN THIS STATE BUT HAS A BRANCH THAT ACCEPTS DEPOSITS IN THIS STATE.
(b) (D) The exemptions provided in subsection (a) (B) of this section do not
apply to any person who has been denied a license to engage in business as a mortgage
lender or real estate broker or whose license to engage in such activities has been
suspended or revoked within the 3 immediately preceding calendar years.
11-505.
(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] LOAN 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
(ii) A title insurance company, a title company, or an attorney for a
title insurance company or a title company.
(2) [Notwithstanding paragraph (1) of this subsection, a licensee may
accept a loan application from a borrower by mail or telephone or in person at the
borrower's residence or place of employment to accommodate the borrower at the
borrower's request.
(3)] The Commissioner shall adopt regulations to ensure that the loan
application process is conducted fairly and in a manner consistent with the best interests
of both the borrower and mortgage lender.
11-506.
(a) To qualify for a license, an applicant shall satisfy the Commissioner that the
applicant is of good moral character and has sufficient financial responsibility, business
experience, and general fitness to:
(1) Engage in business as a mortgage lender;
(2) Warrant the belief that the business will be conducted lawfully, honestly,
fairly, and efficiently; and
(3) Command the confidence of the public.
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