Section 12-316.1 - Same - Reliance upon written opinions. - Maryland Statutes

§ 12-316.1. Same - Reliance upon written opinions.
 

(a)  In general.- A licensee or a person exempt from licensing under this subtitle is not subject to a penalty involving the forfeiture of interest or principal for a violation that arises because the licensee or person exempt from licensing in good faith: 

(1) Performed or omitted to perform an act in conformity with or in reliance upon: 

(i) A written opinion of the Attorney General of Maryland or a regulation adopted by the Commissioner; 

(ii) A written opinion by the Commissioner given on request of the licensee or person exempt from licensing; or 

(iii) An interpretation by the Commissioner in a written notice or examination report; or 

(2) Used a form or procedure that has been approved in writing by the Commissioner and the Attorney General. 

(b)  Exceptions.- The provisions of subsection (a) of this section do not apply to an act or omission to act that occurs after: 

(1) The opinion, regulation, or interpretation relied on is amended, repealed, or determined to be invalid for any reason by any judicial or other authority; or 

(2) Approval for a form or procedure is amended, rescinded, or determined to be invalid for any reason by any judicial or other authority. 

(c)  Knowing or willful violation; refunds.- This section may not be construed to: 

(1) Limit the imposition of any civil or criminal penalty for a knowing or willful violation of this subtitle; or 

(2) Limit the power of the Commissioner or the courts to order a refund to a borrower of moneys collected in violation of this subtitle. 
 

[1993, ch. 319.]