Section 11-605.1 - Interim mortgage loan originator licenses. - Maryland Statutes

§ 11-605.1. Interim mortgage loan originator licenses.
 

(a)  Requirements.- Subject to subsections (b) through (g) of this section, the Commissioner may issue an interim mortgage loan originator license to an individual who provides to the Commissioner written proof, satisfactory to the Commissioner, that the individual: 

(1) Is employed by a person who: 

(i) Is a licensed mortgage lender, or is exempt from licensing, under Subtitle 5 of this title; 

(ii) Makes mortgage loans; and 

(iii) Is not a mortgage broker; or 

(2) As of July 1, 2009, and the date of application for an interim license, owns a 25 percent or more interest in a mortgage lender. 

(b)  Application period.- The Commissioner may accept applications for initial interim mortgage loan originator licenses through July 31, 2009. 

(c)  Term.- The term of an interim mortgage loan originator license shall: 

(1) Begin on the date the license is issued; and 

(2) Expire on December 31, 2010. 

(d)  Compliance with certain requirements prior to July 31, 2010.- An applicant for an interim mortgage loan originator license shall meet the qualifications for licensure as required by this subtitle, except that the applicant or interim licensee may comply with the following on or before July 31, 2010: 

(1) The fingerprinting and criminal history report requirement under § 11-604 of this subtitle; 

(2) The surety bond coverage requirement under § 11-619 of this subtitle; 

(3) The prelicensing education requirement under § 11-606 of this subtitle; and 

(4) The prelicensing testing requirement under § 11-606.1 of this subtitle. 

(e)  Limitations; termination of restrictions.-  

(1) This subsection does not apply to an individual described in subsection (a)(2) of this section. 

(2) Subject to paragraph (3) of this subsection, an individual holding an interim mortgage loan originator license: 

(i) May engage only in transactions in which the individual's employer makes a mortgage loan; and 

(ii) May not engage in transactions in which the individual's employer acts as a mortgage broker, as defined in § 11-501 of this title. 

(3) The restrictions on an individual's activities under paragraph (1) of this subsection shall terminate on the individual's compliance with: 

(i) The fingerprinting and criminal history report requirement under § 11-604 of this subtitle; 

(ii) The surety bond coverage requirement under § 11-619 of this subtitle; 

(iii) The prelicensing education requirement under § 11-606 of this subtitle; and 

(iv) The prelicensing testing requirement under § 11-606.1 of this subtitle. 

(f)  Fees.- With each application for an interim mortgage loan originator license, the applicant shall pay to the Commissioner: 

(1) The nonrefundable investigation fee required under § 11-604(b)(1) of this subtitle; 

(2) 150 percent of the licensing fee required under § 11-604(b)(2) of this subtitle; and 

(3) Any fees imposed by the Nationwide Mortgage Licensing System and Registry under § 11-604(c) of this subtitle. 

(g)  Information required to be printed on license.- In addition to any other information required to be placed on a license under this subtitle, the Commissioner shall print the words "interim mortgage loan originator license" on each license issued under this section. 
 

[2009, ch. 4.]