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§ 11-506. License qualifications

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2011

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 5. Maryland Mortgage Lender Law (Refs & Annos)
Effective: October 1, 2011
MD Code, Financial Institutions, § 11-506
§ 11-506. License qualifications
Currentness
Good moral character, sufficient financial responsibility, and business experience
(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.
Experience in mortgage lending business
(b)(1) 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.
Official reprimands or acts leading to suspension or revocation of license
(c)(1) Except as provided in paragraph (2) of this subsection, 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.
(2) The Commissioner shall deny an application for a license filed by:
(i) An individual who has been convicted within the last 10 years of a felony involving fraud, theft, or forgery; and
(ii) An entity that has a director, officer, partner, member, or owner of 10 percent or more of the entity who has been convicted within the last 10 years of a felony involving fraud, theft, or forgery.

Credits

Added by Acts 1989, c. 476, § 3, eff. July 1, 1989. Amended by Acts 1997, c. 588, § 1, eff. Oct. 1, 1997; Acts 2004, c. 473, § 1, eff. Oct. 1, 2004; Acts 2008, c. 7, § 2, eff. June 1, 2008; Acts 2008, c. 8, § 2, eff. June 1, 2008; Acts 2011, c. 148, § 1, eff. Oct. 1, 2011.
MD Code, Financial Institutions, § 11-506, MD FIN INST § 11-506
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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