ROBERT L. EHRLICH, JR., Governor                          H.B. 1096

Article - Financial Institutions
Section 11-506
Annotated Code of Maryland
(2003 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

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.

(b)     (1) [To] EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION, TO
qualify for a license, the applicant shall satisfy the Commissioner that the applicant
has at least 3 years of experience in the mortgage lending business.

(2)     If the applicant is a sole proprietor, the applicant shall have the
required experience.

(3)     If the applicant is a joint venture, or general or limited partnership,
at least one of the coventurers or general partners shall have the required experience.

(4)     If the applicant is a business entity of any other kind, type, or
classification, at least one of the principal officers or members shall have the required
experience.

(C) (1) THE COMMISSIONER MAY ISSUE A LICENSE TO AN APPLICANT WHO
IS A SOLE PROPRIETOR AND WHO DOES NOT MEET THE EXPERIENCE REQUIREMENT
UNDER SUBSECTION (B) OF THIS SECTION IF:

(I) THE APPLICANT:

1. IS A LICENSED INSURANCE PRODUCER IN GOOD
STANDING UNDER § 10-103 OF THE INSURANCE ARTICLE; AND

2. HOLDS AN APPOINTMENT AS AN INSURANCE PRODUCER
FOR AN INSURER THAT CONTROLS, IS CONTROLLED BY, OR IS UNDER COMMON
CONTROL WITH A FINANCIAL INSTITUTION DESCRIBED IN § 11-502(B)(1) OF THIS
SUBTITLE;

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