§ 11-505. Issuance of license
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023
Effective: July 1, 2023
MD Code, Financial Institutions, § 11-505
§ 11-505. Issuance of license
(a) A license issued under this subtitle authorizes the licensee to act as a mortgage lender under the license at any licensed location and under any licensed name, or as otherwise authorized by the Commissioner through regulation.
(b) Except as provided in subsection (c) of this section or as otherwise authorized by the Commissioner through regulation, a licensee may do business as a mortgage lender only at a licensed location.
(c)(1) A licensee may not allow any note, or loan contract, mortgage, or evidence of indebtedness secured by a secondary mortgage or deed of trust on a dwelling or residential real estate to be signed or executed at any place other than a licensed location, except at the office of:
(d) A license may be issued under this subtitle to a business entity whose principal executive office is located outside the State if the business entity maintains a resident agent within the State at all times during the term of the license, regardless of whether:
(e) A person exempt from licensing under this subtitle who employs a mortgage loan originator licensed under Subtitle 6 of this title shall be registered with NMLS.
(f) Information in NMLS associated with a license approved by the Commissioner under this subtitle shall include the following:
(g) A licensee shall maintain and update the information in NMLS associated with the licensee's license to reflect accurately at all times the information required by subsection (f) of this section.
(h) The unique identifier of the licensee shall constitute the license number for the license.
(i) A licensee may not conduct any business as a mortgage lender:
Credits
Added by Acts 1989, c. 476, § 3, eff. July 1, 1989. Amended by Acts 1997, c. 588, § 1, eff. Oct. 1, 1997; Acts 1998, c. 760, § 1, eff. Oct. 1, 1998; Acts 1998, c. 761, § 1, eff. Oct. 1, 1998; Acts 2009, c. 4, § 1, eff. July 1, 2009; Acts 2011, c. 148, § 1, eff. Oct. 1, 2011; Acts 2021, c. 101, § 2, eff. Oct. 1, 2021; Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 11-505, MD FIN INST § 11-505
Current through legislation effective through June 1, 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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