Home Table of Contents

§ 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
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.


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.
End of Document