§ 11-619. Surety bond requirements for mortgage loan originators
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2009
Effective: July 1, 2009
MD Code, Financial Institutions, § 11-619
§ 11-619. Surety bond requirements for mortgage loan originators
(a) Each mortgage loan originator shall be covered by a surety bond in accordance with this section.
(b)(1) A mortgage loan originator who is an employee of a person subject to licensure under Subtitle 5 of this title may use the surety bond of that person to meet the mortgage loan originator's surety bond requirement.
(2) A mortgage loan originator who is an employee of a person exempt from licensure under Subtitle 5 of this title may use a surety bond of the person to meet the mortgage loan originator's surety bond requirement, provided the surety bond meets the requirements, based on mortgage loan volume, under § 11-508 of this title.
(c) A licensee who is an affiliated insurance producer-mortgage loan originator shall be deemed in compliance with this section if the licensee:
Credits
Added by Acts 2009, c. 4, § 1, eff. July 1, 2009.
MD Code, Financial Institutions, § 11-619, MD FIN INST § 11-619
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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