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§ 11-603. Issuance of license

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2012

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 6. Mortgage Loan Originators (Refs & Annos)
Effective: July 1, 2012
MD Code, Financial Institutions, § 11-603
§ 11-603. Issuance of license
Acting within scope of employment
(a) A license issued under this subtitle authorizes the licensee to act as a mortgage loan originator only when acting within the scope of employment with:
(1) A mortgage lender; or
(2) A person who is exempt from licensing as a mortgage lender.
Multiple licenses or employers
(b) A licensee may not:
(1) Maintain more than one license under this subtitle; or
(2) Be employed by more than one mortgage lender or person who is exempt from licensing as a mortgage lender.
License requirements
(c)(1) The Commissioner shall include on each license:
(i) The name of the licensee;
(ii) The name of the licensee's employer; and
(iii) The unique identifier of the licensee if the licensee has been issued a unique identifier.
(2) An individual may not act as a mortgage loan originator under a name or for an employer that is different from the name and employer that appear on the license unless the licensee:
(i) Notifies the Commissioner in writing in advance of a change in the licensee's name or the licensee's employer;
(ii) Pays to the Commissioner a license amendment fee set by the Commissioner for each notice provided under this paragraph; and
(iii) In the case of a new employer, amends the sponsorship information on the Nationwide Mortgage Licensing System and Registry by submitting the amendment, in the form required by the Commissioner, to indicate that the licensee is an employee of the new employer.
(3) If a licensee ceases to be employed by a licensed mortgage lender or by a person exempt from licensing as a mortgage lender, the licensee shall notify the Commissioner within 10 business days, and the license shall be placed into nonactive status.
(4) During the time that a license is in nonactive status, it is a violation of this subtitle for the licensee to engage in any activity for which a license is required under this subtitle.
(5) The license shall remain in nonactive status until the licensee:
(i) Notifies the Commissioner in writing that the licensee has obtained employment with a licensed mortgage lender or with a person exempt from licensing as a mortgage lender; and
(ii) Has complied with the requirements set forth in paragraph (2) of this subsection.
Individuals not employed by licensed mortgage lender or exempt from licensing
(d) A license may be issued under this subtitle to an individual who is not employed by a licensed mortgage lender or a person exempt from licensing as a mortgage lender provided the license is placed into and remains in nonactive status until the licensee:
(1) Notifies the Commissioner in writing that the licensee has obtained employment with a licensed mortgage lender or with a person exempt from licensing as a mortgage lender; and
(2) Has complied with the requirements set forth in subsection (c)(2) of this section.
Individuals employed by lenders with principal office located outside State
(e) A license may be issued under this subtitle to an individual who is employed by a mortgage lender, or a person exempt from licensing as a mortgage lender, that has its principal office located outside the State if the mortgage lender or the person exempt from licensing as a mortgage lender maintains a resident agent within the State.
Construction with § 11-603.1
(f) This section does not apply to an affiliated insurance producer-mortgage loan originator licensed under § 11-603.1 of this subtitle.

Credits

Added by Acts 2005, c. 590, § 1, eff. Oct. 1, 2005. Amended by Acts 2008, c. 7, § 2, eff. June 1, 2008; Acts 2008, c. 8, § 2, eff. June 1, 2008; Acts 2009, c. 4, § 1, eff. July 1, 2009; Acts 2010, c. 72, § 1, eff. April 13, 2010; Acts 2011, c. 148, § 1, eff. Oct. 1, 2011; Acts 2012, c. 254, § 1, eff. July 1, 2012.
MD Code, Financial Institutions, § 11-603, MD FIN INST § 11-603
Current through all legislation from the 2020 Regular Session of the General Assembly.
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