Section 11-521 - Independent evidence of commercial purpose. - Maryland Statutes

§ 11-521. Independent evidence of commercial purpose.
 

(a)  Borrower to provide.- 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. 

(b)  Independent investigation.- 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. 
 

[1989, ch. 476, § 3; 2009, ch. 4.]