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H.B. 1096 VETOES
(I) (II) THE APPLICANT AGREES TO LIMIT THE APPLICANT'S
ACTIVITIES TO BROKERING MORTGAGE LOANS MADE BY A THE SINGLE FINANCIAL
INSTITUTION IDENTIFIED UNDER § 11-502(B)(1) OF THIS SUBTITLE ITEM (I)2 OF THIS
PARAGRAPH;
(II) (III) THE FINANCIAL INSTITUTION AND AFFILIATED INSURER
WITH WHICH THE APPLICANT HOLDS A CURRENT APPOINTMENT IS ARE IDENTIFIED
IN THE APPLICANT'S APPLICATION;
(IV) THE COMMISSIONER APPROVES THE SELECTION OF THE
FINANCIAL INSTITUTION BASED ON THE FOLLOWING CRITERIA:
1. THE FINANCIAL INSTITUTION IS IN GOOD STANDING
WITH ITS PRIMARY STATE OR FEDERAL REGULATOR; AND
2. THE FINANCIAL INSTITUTION IS IN MATERIAL
COMPLIANCE WITH APPLICABLE STATE OR FEDERAL LAW;
(III) (V) THE APPLICANT MEETS ALL OTHER REQUIREMENTS FOR
LICENSURE AS A MORTGAGE LENDER UNDER THIS SUBTITLE;
(IV) (VI) THE APPLICANT HAS SUCCESSFULLY COMPLETED AT
LEAST 20 HOURS OF CLASSROOM INSTRUCTION IN RESIDENTIAL MORTGAGE
LENDING COURSES AS PROVIDED IN REGULATIONS ADOPTED BY THE
COMMISSIONER AND ACHIEVED A PASSING GRADE ON A WRITTEN EXAM DEVELOPED
AND ADMINISTERED BY THE PERSON THAT CONDUCTS THE CLASSROOM EDUCATION
COURSE;
(V) (VII) AN AUTHORIZED REPRESENTATIVE OF THE FINANCIAL
INSTITUTION IDENTIFIED UNDER ITEM (I)2 OF THIS PARAGRAPH SIGNS THE LICENSE
APPLICATION; AND
(VI) (VIII) THE FINANCIAL INSTITUTION IDENTIFIED UNDER ITEM
(I)2 OF THIS PARAGRAPH AGREES TO:
1. SUPERVISE THE APPLICANT AS REQUIRED BY THIS
SUBTITLE, INCLUDING PROVIDING DIRECTION THROUGH WRITTEN INSTRUCTIONS
OR ELECTRONIC MEANS AND BY PERIODICALLY EXAMINING THE APPLICANT'S
BOOKS, RECORDS, AND OTHER ASPECTS OF THE BUSINESS; AND
2. BE HELD JOINTLY AND SEVERALLY LIABLE WITH THE
APPLICANT FOR CLAIMS ARISING OUT OF THE APPLICANT'S MORTGAGE BROKERING
ACTIVITIES.
(2) EXCEPT AS PROVIDED IN PARAGRAPH (3) OF THIS SUBSECTION, A
SOLE PROPRIETOR WHO IS ISSUED A LICENSE UNDER THIS SUBSECTION MAY NOT:
(I) AID OR ASSIST A BORROWER TO OBTAIN A LOAN FROM A
FINANCIAL INSTITUTION OTHER THAN THE FINANCIAL INSTITUTION IDENTIFIED IN
THE APPLICATION FOR THE LICENSE;
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