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§ 11-619. Surety bond requirements for mortgage loan originators

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2009

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 6. Mortgage Loan Originators (Refs & Annos)
Effective: July 1, 2009
MD Code, Financial Institutions, § 11-619
§ 11-619. Surety bond requirements for mortgage loan originators
In general
(a) Each mortgage loan originator shall be covered by a surety bond in accordance with this section.
Use of surety bond of employer
(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.
Compliance with surety bond requirements
(c) A licensee who is an affiliated insurance producer-mortgage loan originator shall be deemed in compliance with this section if the licensee:
(1) Holds a surety bond that would satisfy the surety bond requirements under § 11-508 of this title if the affiliated insurance producer-mortgage loan originator were a licensee under Subtitle 5 of this title; or
(2) Is covered under a blanket surety bond held by the financial institution or mortgage lender licensee identified in § 11-603.1(a)(3) of this subtitle if the blanket surety bond:
(i) Covers all affiliated insurance producer-mortgage loan originators; and
(ii) Is in the amount of $1,000,000 or another amount as required by the Commissioner by regulation.

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 all legislation from the 2020 Regular Session of the General Assembly.
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