(a) In this subtitle the following words have the meanings indicated.
(b) “Borrower” means an individual who obtains a loan or advance of money.
(c) “Commissioner” means the Commissioner of Financial Regulation.
(d) “Finder's fee” means any compensation or commission directly or indirectly imposed by a broker and paid by or on behalf of the borrower for the broker's services in procuring, arranging, or otherwise assisting a borrower in obtaining a loan or advance of money.
(e) “Lender” means a person defined as a mortgage lender under § 11-501(j)(1)(ii) of the Financial Institutions Article.
(f) “Mortgage broker” means a person defined as a mortgage lender under § 11-501(j)(1)(i) of the Financial Institutions Article.
(g) “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.
Credits
Added by Acts 1979, c. 351, § 1, eff. July 1, 1979. Amended by Acts 1980, c. 257; Acts 1989, c. 476, § 1; Acts 1990, c. 6, § 2; Acts 1996, c. 326, § 10, eff. July 1, 1996; Acts 1997, c. 14, § 20, eff. April 8, 1997; Acts 2005, c. 25, § 12, eff. April 12, 2005; Acts 2009, c. 60, § 5, eff. April 14, 2009; Acts 2010, c. 111, § 1, eff. Oct. 1, 2010; Acts 2010, c. 112, § 1, eff. Oct. 1, 2010; Acts 2010, c. 611, § 2, eff. June 1, 2010.
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
