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<section article="gfi" article_name="Financial Institutions" number="11-505" title_number="11" title_name="Consumer Credit" subtitle_number="5" subtitle_name="Maryland Mortgage Lender Law">
  <level label="a">
    <text>A license issued under this subtitle authorizes the licensee to act as a mortgage lender under the license at any licensed location and under any licensed name, or as otherwise authorized by the Commissioner through regulation.</text>
  </level>
  <level label="b">
    <text>Except as provided in subsection (c) of this section or as otherwise authorized by the Commissioner through regulation, a licensee may do business as a mortgage lender only at a licensed location.</text>
  </level>
  <level label="c">
    <level label="1">
      <text>A licensee may not allow any note, or loan contract, mortgage, or evidence of indebtedness secured by a secondary mortgage or deed of trust on a dwelling or residential real estate to be signed or executed at any place other than a licensed location, except at the office of:</text>
      <level label="i">
        <text>The attorney for the borrower or for the licensee; or</text>
      </level>
      <level label="ii">
        <text>A title insurance company, a title company, or an attorney for a title insurance company or a title company.</text>
      </level>
    </level>
    <level label="2">
      <text>Notwithstanding paragraph (1) of this subsection, a licensee may conduct the loan closing at another location at the written request of the borrower or the borrower’s designee to accommodate the borrower because of the borrower’s sickness.</text>
    </level>
    <level label="3">
      <text>The Commissioner shall adopt regulations to ensure that the loan application process is conducted fairly and in a manner consistent with the best interests of both the borrower and mortgage lender.</text>
    </level>
  </level>
  <level label="d">
    <text>A license may be issued under this subtitle to a business entity whose principal executive office is located outside the State if the business entity maintains a resident agent within the State at all times during the term of the license, regardless of whether:</text>
    <level label="1">
      <text>The business entity maintains any office within the State; or</text>
    </level>
    <level label="2">
      <text>The activities of the business entity constitute doing business or having a tax situs in the State under the applicable provisions of the Corporations and Associations Article.</text>
    </level>
  </level>
  <level label="e">
    <text>A person exempt from licensing under this subtitle who employs a mortgage loan originator licensed under Subtitle 6 of this title shall be registered with NMLS.</text>
  </level>
  <level label="f">
    <text>Information in NMLS associated with a license approved by the Commissioner under this subtitle shall include the following:</text>
    <level label="1">
      <text>The licensee’s legal name and any trade name used by the licensee in accordance with § 2–121 of this article;</text>
    </level>
    <level label="2">
      <text>The address of the licensee’s principal executive office; and</text>
    </level>
    <level label="3">
      <text>The address of each additional location, if any, where the licensee does business and that:</text>
      <level label="i">
        <text>The general public may reasonably view as a location that does business as a mortgage lender, including any location that investigates customer complaints or directly communicates with customers verbally, electronically, or in writing;</text>
      </level>
      <level label="ii">
        <text>Houses any core operational infrastructure or technology systems;</text>
      </level>
      <level label="iii">
        <text>Conducts any core management, information security and technology, risk and compliance, or finance functions; or</text>
      </level>
      <level label="iv">
        <text>Is otherwise required to be listed in NMLS by regulation the Commissioner adopts under this subtitle.</text>
      </level>
    </level>
  </level>
  <level label="g">
    <text>A licensee shall maintain and update the information in NMLS associated with the licensee’s license to reflect accurately at all times the information required by subsection (f) of this section.</text>
  </level>
  <level label="h">
    <text>The unique identifier of the licensee shall constitute the license number for the license.</text>
  </level>
  <level label="i">
    <text>A licensee may not conduct any business as a mortgage lender:</text>
    <level label="1">
      <text>Under any name other than a licensed name; or</text>
    </level>
    <level label="2">
      <text>Except as provided in subsection (c) of this section or as otherwise authorized by the Commissioner through regulation, at a location other than a licensed location.</text>
    </level>
  </level>
</section>
