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§ 11-604. License applications

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2016

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 6. Mortgage Loan Originators (Refs & Annos)
Effective: July 1, 2016
MD Code, Financial Institutions, § 11-604
§ 11-604. License applications
Central Repository defined
(a) (1) To apply for a license, an applicant shall:
(i) Complete, sign, and submit to the Commissioner an application made under oath in the form, and in accordance with the process, that the Commissioner requires; and
(ii) Provide all information as requested by the Commissioner.
(2) The applicant shall comply with all conditions and provisions of the application for a license.
Form and contents of application
(b) With each application, the applicant shall pay to the Commissioner:
(1) A nonrefundable investigation fee set by the Commissioner; and
(2) A nonrefundable license fee set by the Commissioner.
Investigation and license fees
(c) In addition to the license fee required under subsection (b)(2) of this section, an applicant for an initial license shall pay to the Nationwide Mortgage Licensing System and Registry any fees that the Nationwide Mortgage Licensing System and Registry imposes in connection with the application.
Fees imposed by Nationwide Mortgage License System and Registry
(d) In connection with an initial application for a license under this section and at any other time the Commissioner requests, an applicant or licensee shall provide to the Nationwide Mortgage Licensing System and Registry information concerning the applicant's identity, including:
(1) Fingerprints for submission to the Federal Bureau of Investigation, and any other governmental agency or entity authorized to receive this information for a state, national, or international criminal history background check; and
(2) Personal history and experience in a form prescribed by the Nationwide Mortgage Licensing System and Registry, including the submission of authorization for the Nationwide Mortgage Licensing System and Registry and the Commissioner to obtain:
(i) An independent credit report from a consumer reporting agency described in the federal Fair Credit Reporting Act, 15 U.S.C. § 1681a(p); and
(ii) Information related to any administrative, civil, or criminal findings by any governmental jurisdiction.
Information concerning identity of applicant
(e) To implement this subtitle, the Commissioner may use the Nationwide Mortgage Licensing System and Registry as a channeling agent to request information from and distribute information to the Department of Justice, any other governmental agency with subject matter jurisdiction, and any other state licensing entity that has loan originators registered with the Nationwide Mortgage Licensing System and Registry.
Use of Nationwide Mortgage Licensing System and Registry as channeling agent
(f) An applicant or licensee who is required to provide fingerprints under subsection (d) of this section shall pay any processing or other fees required by the Federal Bureau of Investigation and the Nationwide Mortgage Licensing System and Registry.
Fingerprints provided for use by Central Repository
(g) The Commissioner may request from the Federal Bureau of Investigation or the Nationwide Mortgage Licensing System and Registry, as applicable, for each applicant or licensee who is required to provide fingerprints under subsection (d) of this section:
(1)(i) The state, national, or international criminal history records of the applicant or licensee; and
(ii) A printed statement listing any conviction or other disposition of, and any plea of guilty or nolo contendere to, any criminal charge;
(2)(i) An update of the initial criminal history records check or criminal history background check of the applicant or licensee; and
(ii) A revised statement listing any conviction or other disposition of, and any plea of guilty or nolo contendere to, any criminal charge occurring after the date of the initial criminal history records check or criminal history background check; and
(3) An acknowledged receipt of the application for a criminal history records check or criminal history background check of the applicant or licensee.

Credits

Added as Financial Institutions § 11-606 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. Renumbered as Financial Institutions § 11-604 and amended by Acts 2009, c. 4, § 1, eff. July 1, 2009. Amended by Acts 2009, c. 60, § 5, eff. April 14, 2009; Acts 2011, c. 148, § 1, eff. Oct. 1, 2011; Acts 2012, c. 254, § 1, eff. July 1, 2012; Acts 2016, c. 340, § 1, eff. July 1, 2016.
MD Code, Financial Institutions, § 11-604, MD FIN INST § 11-604
Current through all legislation from the 2020 Regular Session of the General Assembly.
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