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§ 3-104.1. Information required to record residential mortgage loans

West's Annotated Code of MarylandReal PropertyEffective: January 1, 2019

West's Annotated Code of Maryland
Real Property (Refs & Annos)
Title 3. Recordation (Refs & Annos)
Subtitle 1. General Rules and Exceptions (Refs & Annos)
Part I. General Provisions (Refs & Annos)
Effective: January 1, 2019
MD Code, Real Property, § 3-104.1
§ 3-104.1. Information required to record residential mortgage loans
Currentness
Residential property defined
(a) In this section, “residential property” means real property improved by four or fewer single family dwelling units that are designed principally and are intended for human habitation.
Required information for mortgage loan
(b) When recorded, a mortgage, deed of trust, or any other instrument securing a mortgage loan on residential property shall contain:
(1)(i) The name and Maryland mortgage originator license number of the mortgage originator that originated the loan secured by the instrument; or
(ii) An affidavit by the person that originated the mortgage loan secured by the instrument that the individual who originated the loan is exempt from the licensing requirement under Title 11, Subtitle 6 of the Financial Institutions Article; and
(2)(i) The name and Maryland mortgage lender license number of the mortgage lender that made the loan secured by the instrument; or
(ii) An affidavit by the lender that made the mortgage loan secured by the instrument that the lender is exempt from the licensing requirement under Title 11, Subtitle 5 of the Financial Institutions Article.
Regulations
(c) The Commissioner of Financial Regulation shall adopt regulations to implement the provisions of this section, including:
(1) Minimum requirements for the inclusion of licensing information when a mortgage, deed of trust, or other instrument securing a mortgage loan on residential property is recorded; and
(2) Consequences, including penalties, for the failure to include licensing information when a mortgage, deed of trust, or other instrument securing a mortgage loan on residential property is recorded.

Credits

Added by Acts 2008, c. 1, § 1, eff. April 3, 2008; Acts 2008, c. 2, § 1, eff. April 3, 2008. Amended by Acts 2009, c. 691, § 1, eff. Oct. 1, 2009; Acts 2009, c. 692, § 1, eff. June 1, 2009.
MD Code, Real Property, § 3-104.1, MD REAL PROP § 3-104.1
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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