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§ 11-610. Mortgage Lender-Originator Fund

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2020

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 6. Mortgage Loan Originators (Refs & Annos)
Effective: October 1, 2020
MD Code, Financial Institutions, § 11-610
§ 11-610. Mortgage Lender-Originator Fund
Contents of Fund
(a) There is a Nondepository Special Fund that consists of:
(1) Revenue received for the licensing of individuals under this subtitle;
(2) Revenue received for the licensing of persons under Subtitle 2 of this title;
(3) Revenue received for the licensing of persons under Subtitle 3 of this title;
(4) Revenue received for the licensing of persons under Subtitle 4 of this title;
(5) Revenue received for the licensing of persons under Subtitle 5 of this title;
(6) Revenue received for the licensing of persons under Title 12, Subtitle 1 of this article;
(7) Revenue received for the licensing of persons under Title 12, Subtitle 4 of this article;
(8) Revenue received for the licensing of persons under Title 12, Subtitle 9 of this article;
(9) Revenue received for the registration of persons under Title 12, Subtitle 10 of this article;
(10) Revenue received for the licensing of persons under Title 7 of the Business Regulation Article;
(11) Revenue received for the licensing of persons under Title 14, Subtitle 19 of the Commercial Law Article;
(12) Income from the investments that the State Treasurer makes for the Fund; and
(13)(i) Any other fee, examination or investigation fee or assessment, or revenue received by the Commissioner under this subtitle, Subtitles 2, 3, 4, and 5 of this title, Title 12, Subtitles 1, 4, 9, and 10 of this article, Title 12, Subtitle 14 of the Commercial Law Article, and Title 14, Subtitles 12 and 19 of the Commercial Law Article; and
(ii) Any other fee or revenue received by the State Collection Agency Licensing Board under Title 7 of the Business Regulation Article.
Fines and penalties paid into Fund
(b) Notwithstanding subsection (a) of this section:
(1) The Commissioner shall pay all fines and penalties collected by the Commissioner under Title 2, Subtitle 1 of this article, this subtitle, Subtitles 2, 3, 4, and 5 of this title, Title 12, Subtitles 1, 4, 9, and 10 of this article, Title 12, Subtitle 14 of the Commercial Law Article, and Title 14, Subtitles 12 and 19 of the Commercial Law Article into the General Fund of the State; and
(2) The State Collection Agency Licensing Board shall pay all fines and penalties collected by the Board under Title 7 of the Business Regulation Article into the General Fund of the State.
Purpose of Fund
(c) The purpose of the Fund is to cover the direct and indirect costs of fulfilling the statutory and regulatory duties of the Commissioner and the State Collection Agency Licensing Board related to:
(1) Title 2, Subtitle 1 of this article;
(2) This subtitle;
(3) Subtitle 2 of this title;
(4) Subtitle 3 of this title;
(5) Subtitle 4 of this title;
(6) Subtitle 5 of this title;
(7) Title 12, Subtitle 1 of this article;
(8) Title 12, Subtitle 4 of this article;
(9) Title 12, Subtitle 9 of this article;
(10) Title 12, Subtitle 10 of this article;
(11) Title 7 of the Business Regulation Article;
(12) Title 12 of the Commercial Law Article;
(13) Title 14, Subtitles 12, 19, and 42 of the Commercial Law Article;
(14) Title 7, Subtitles 1, 3, 4, and 5 of the Real Property Article;
(15) Title 26, Subtitle 6 of the Education Article; and
(16) Any other expense authorized in the State budget.
Costs and expenses of Commissioner
(d)(1) The annual State budget shall include the costs and expenses of the Commissioner and the State Collection Agency Licensing Board relating to subsection (c) of this section.
(2) Any expenditures from the Fund to cover costs and expenses of the Commissioner and the State Collection Agency Licensing Board relating to subsection (c) of this section may be made only:
(i) With an appropriation from the Fund approved by the General Assembly in the annual State budget; or
(ii) By the budget amendment procedure provided for in § 7-209 of the State Finance and Procurement Article.
(3) If, in any fiscal year, the amount of the revenue collected by the Commissioner and the State Collection Agency Licensing Board and deposited into the Fund exceeds the actual appropriation for the Commissioner and the State Collection Agency Licensing Board under paragraph (2)(i) of this subsection, the excess amount shall be carried forward within the Fund.
State Treasurer custodian of Fund
(e)(1) The State Treasurer is the custodian of the Fund.
(2) The State Treasurer shall deposit payments received from the Commissioner into the Fund.
Nature of Fund
(f)(1)(i) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(ii) The Fund may not be deemed a part of the General Fund of the State.
(2) Unless otherwise provided by law, no part of the Fund may revert or be credited to:
(i) The General Fund of the State; or
(ii) Any other special fund of the State.

Credits

Added by Acts 2005, c. 590, § 1, eff. Oct. 1, 2005. Amended by Acts 2016, c. 341, § 1, eff. July 1, 2016; Acts 2018, c. 479, § 1, eff. June 1, 2018; Acts 2018, c. 480, § 2, eff. Oct. 1, 2018; Acts 2019, c. 546, § 1, eff. Oct. 1, 2019; Acts 2020, c. 48, § 1, eff. Oct. 1, 2020; Acts 2020, c. 49, § 1, eff. Oct. 1, 2020; Acts 2020, c. 320, § 1, eff. July 1, 2020; Acts 2020, c. 321, § 1, eff. July 1, 2020.
MD Code, Financial Institutions, § 11-610, MD FIN INST § 11-610
Current through all legislation from the 2020 Regular Session of the General Assembly.
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