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PARRIS N. GLENDENING, Governor
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Ch. 691
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Annotated Code of Maryland
(1998 Replacement Volume and 1999 Supplement)
BY adding to
Article - Courts and Judicial Proceedings
Section 4-301(b)(14)
Annotated Code of Maryland
(1998 Replacement Volume and 1999 Supplement)
BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 11-512, 11-515, 11-517, and 11-523
Annotated Code of Maryland
(1998 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Commercial Law
12-804.
(a) A mortgage broker may charge a finder's fee not in excess of 8 percent of
the amount of the loan or advance.
(b) [A] IN ADDITION TO A FINDER'S FEE, A mortgage broker may charge [a
loan application fee not in excess of] A BORROWER FOR the actual cost of any
appraisal or credit report obtained by the mortgage broker.
(c) A mortgage broker obtaining a mortgage loan with respect to the same
property more than once within a 24-month period may charge a finder's fee only on
so much of the loan as is in excess of the initial loan.
(d) The provisions of this section do not apply to:
(1) The charging of fees and charges otherwise permitted under this
title; or
(2) Attorney's fees unless the attorney is functioning as a mortgage
broker.
(e) A mortgage broker may not charge a finder's fee in any transaction in
which [he] THE MORTGAGE BROKER OR AN OWNER, PART OWNER, PARTNER,
DIRECTOR, OFFICER, OR EMPLOYEE OF THE MORTGAGE BROKER is the lender[, a
partner of the lender, or is a part owner] OR AN OWNER, PART OWNER, PARTNER,
DIRECTOR, OFFICER, OR EMPLOYEE of the lender.
12-805.
(a) A mortgage broker may not receive [a finder's fee or loan application] ANY
fee in the form of a note, mortgage, or other evidence of indebtedness.
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- 3529 -
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