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§ 11-605. License qualifications

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, § 11-605
§ 11-605. License qualifications
In general
(a) The Commissioner may not issue a mortgage loan originator license unless the Commissioner makes, at a minimum, the following findings:
(1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction;
(2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:
(i) During the 7-year period immediately preceding the date of the application for licensing; or
(ii) At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering;
(3) The applicant has demonstrated financial responsibility, character, and general fitness sufficient to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently;
(4) The applicant has completed the prelicensing education requirement under § 11-606 of this subtitle and any prelicensing education requirements established by the Commissioner by regulation;
(5) The applicant has passed a test that meets the requirements established under § 11-606.1 of this subtitle and any prelicensing testing requirements established by the Commissioner by regulation; and
(6) The applicant has met the surety bond requirement under § 11-619 of this subtitle.
Convictions for which a pardon has been granted
(b) A conviction for which a pardon has been granted is not a conviction for purposes of subsection (a)(2) of this section.
Individuals not meeting financial responsibility requirements
(c) A determination that an individual does not meet the requirements for financial responsibility under subsection (a)(3) of this section may not be based solely on:
(1) Debts arising from medical expenses, including judgments;
(2) Except for delinquent child support payments, debts, including judgments, arising from divorce proceedings or divorce settlements;
(3) Foreclosures on the applicant's principal residence;
(4) The applicant's credit score as reported by any consumer reporting agency, as defined in 15 U.S.C. § 1681a; or
(5) The applicant's involvement in a bankruptcy proceeding under Title 11 of the United States Code.

Credits

Added 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; Acts 2009, c. 4, § 1, eff. July 1, 2009.
MD Code, Financial Institutions, § 11-605, MD FIN INST § 11-605
Current through all legislation from the 2020 Regular Session of the General Assembly.
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