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§ 11-521. Evidence of commercial purpose of loan

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

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 5. Maryland Mortgage Lender Law (Refs & Annos)
Effective: July 1, 2009
MD Code, Financial Institutions, § 11-521
§ 11-521. Evidence of commercial purpose of loan
Currentness
Loans subject to evidence requirement
(a) A mortgage lender shall require a borrower to provide the mortgage lender with independent evidence of the commercial purpose of the loan where the loan is:
(1) Secured, in whole or in part, by any interest in a dwelling or residential real estate in Maryland; and
(2) In excess of $75,000.
Independent investigations by mortgage lenders
(b) Other than the requirements of subsection (a) of this section, a mortgage lender is not required to make an independent investigation to obtain independent evidence of the commercial purpose.

Credits

Added by Acts 1989, c. 476, § 3, eff. July 1, 1989. Amended by Acts 2009, c. 4, § 1, eff. July 1, 2009.
MD Code, Financial Institutions, § 11-521, MD FIN INST § 11-521
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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