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2000 LAWS OF MARYLAND
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Ch. 691
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CHAPTER 691
(House Bill 1337)
AN ACT concerning
Credit Regulation - Mortgage Lending
FOR the purpose of clarifying certain fees that may be charged by a mortgage broker;
prohibiting a mortgage broker from charging a certain finder's fee under certain
circumstances; prohibiting a mortgage broker from receiving any fee in the form
of a note, mortgage, or other evidence of indebtedness; prohibiting a certain
finder's fee from being charged unless it is pursuant to a certain written
agreement between the mortgage broker and the borrower; requiring that a copy
of the a certain finder's fee agreement be provided to the borrower within a
certain period of time; prohibiting a mortgage lender from undergoing a change
in control unless the mortgage lender takes certain actions; requiring the
Commissioner of Financial Regulation to approve or deny a request for a change
in control within a certain period of time; establishing a certain examination
schedule for mortgage lenders; increasing a certain examination or investigation
fee; authorizing the Commissioner to suspend or revoke the license of a
mortgage lender if the mortgage lender is convicted of certain crimes; requiring
the Commissioner to consider certain factors in determining whether a
mortgage lender's license should be suspended or revoked because if the
mortgage lender is convicted of certain crimes; authorizing the Commissioner to
impose a certain civil penalty under certain circumstances; increasing certain
criminal penalties for violations of certain laws regulating mortgage lenders;
making a criminal violation of certain provisions of this Act subject to the
concurrent jurisdiction of the District Court and the circuit courts; defining a
certain term; making certain technical and stylistic changes; and generally
relating to the regulation of mortgage brokers and mortgage lenders.
BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 12-804 and 12-805
Annotated Code of Maryland
(1990 Replacement Volume and 1999 Supplement)
BY repealing and reenacting, without amendments,
Article - Courts and Judicial Proceedings
Section 4-301(a)
Annotated Code of Maryland
(1998 Replacement Volume and 1999 Supplement)
BY repealing and reenacting, with amendments,
Article - Courts and Judicial Proceedings
Section 4-301(b)(12) and (13) and 4-302(a) and (d)
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