Ch. 474

2004 LAWS OF MARYLAND

(II)     1. BE COMPENSATED BY ANY PERSON FOR MORTGAGE
BROKERAGE ACTIVITIES ON A BASIS THAT DEPENDS ON THE LOAN AMOUNT,
INTEREST RATE, FEES, OR OTHER TERMS OF THE BROKERED LOAN; OR

2. RECEIVE A FINDER'S FEE, AS DEFINED UNDER TITLE 12,
SUBTITLE 8 OF THE COMMERCIAL LAW ARTICLE;

(III)   HANDLE BORROWER OR OTHER THIRD PARTY FUNDS IN
CONNECTION WITH THE BROKERING OR CLOSING OF MORTGAGE LOANS, EXCEPT
THAT THE SOLE PROPRIETOR MAY FORWARD TO THE FINANCIAL INSTITUTION A
CHECK FROM THE BORROWER MADE PAYABLE TO THE FINANCIAL INSTITUTION FOR
COSTS IN CONNECTION WITH AN APPLICATION FOR A MORTGAGE LOAN; OR;

(IV)    REFER A BORROWER TO ANY OTHER LICENSEE UNDER THIS
SUBTITLE; OR

(IV) (V) MAKE MORTGAGE LOANS.

(3) A SOLE PROPRIETOR WHO IS ISSUED A LICENSE UNDER THIS
SUBSECTION MAY FORWARD A CHECK TO THE FINANCIAL INSTITUTION IDENTIFIED
UNDER PARAGRAPH (1)(I)2 OF THIS SUBSECTION IF:

(I)      THE CHECK IS MADE PAYABLE TO THE FINANCIAL
INSTITUTION FROM A BORROWER; AND

(II)     THE CHECK IS IN CONNECTION WITH AN APPLICATION FOR A
MORTGAGE LOAN TO COVER COSTS FOR:

1.       AN APPRAISAL;

2.       A CREDIT REPORT; OR

3.       PROCESSING AN APPLICATION.

[(c)] (D) The Commissioner may deny an application for a license to any
person who has been officially reprimanded or has committed any act that would be a
ground for suspension or revocation of a license under this subtitle.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2004.

Approved May 26, 2004.

CHAPTER 474
(Senate Bill 674)

AN ACT concerning

Natural Resources - Finfish - Bait

FOR the purpose of creating an additional exception to the prohibition on buying,

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