Section 11-610 - Mortgage Lender-Originator Fund. - Maryland Statutes

§ 11-610. Mortgage Lender-Originator Fund.
 

(a)  Fund.- There is a Mortgage Lender-Originator Fund that consists of: 

(1) Revenue received for the licensing of individuals under this subtitle; 

(2) Revenue received for the licensing of persons under Subtitle 5 of this title; 

(3) Income from the investments that the State Treasurer makes for the Fund; and 

(4) Any other fee, examination assessment, or revenue received by the Commissioner under Subtitle 5 of this title and this subtitle. 

(b)  Certain funds paid into General Fund.- Notwithstanding subsection (a) of this section, the Commissioner shall pay all fines and penalties collected by the Commissioner under Subtitle 5 of this title and this subtitle into the General Fund of the State. 

(c)  Purpose.- The purpose of the Fund is to pay the costs and expenses incurred by the Commissioner that are related to the regulation of mortgage lending and mortgage origination, including: 

(1) Expenditures authorized under Subtitle 5 of this title or this subtitle; and 

(2) Any other expense authorized in the State budget. 

(d)  State budget information.-  

(1) The annual State budget shall include the costs and expenses of the Commissioner relating to the regulation of mortgage lending and mortgage origination. 

(2) Any expenditures from the Fund to cover costs and expenses of the Commissioner may be made only: 

(i) With an appropriation from the Fund approved by the General Assembly in the annual State budget; or 

(ii) By the budget amendment procedure provided for in § 7-209 of the State Finance and Procurement Article. 

(3) If, in any fiscal year, the amount of the revenue collected by the Commissioner and deposited into the Fund exceeds the actual appropriation for the Commissioner to regulate mortgage lending under Subtitle 5 of this title and mortgage origination under this subtitle, the excess amount shall be carried forward within the Fund. 

(e)  Duties of State Treasurer.-  

(1) The State Treasurer is the custodian of the Fund. 

(2) The State Treasurer shall deposit payments received from the Commissioner into the Fund. 

(f)  Status; reversions and credits.-  

(1) (i) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article. 

(ii) The Fund may not be deemed a part of the General Fund of the State. 

(2) Unless otherwise provided by law, no part of the Fund may revert or be credited to: 

(i) The General Fund of the State; or 

(ii) Any other special fund of the State. 
 

[2005, ch. 590.]