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#2158945 - 01/02/18 04:51 PM Understanding state laws and regulations
ABrooks Offline
New Poster

Registered: 03/22/17
Posts: 14
Is there somewhere we can look to understand the Maryland specific state laws and regulations for Mortgage Loans?

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#2166336 - 03/01/18 11:54 AM Re: Understanding state laws and regulations [Re: ABrooks]
kh5040 Offline
New Poster

Registered: 02/27/17
Posts: 6
Sorry - I realize this is probably alot later than you needed this. Here is a really good resource on MD consumer credit laws:

https://www.gfrlaw.com/sites/default/files/Credit%20Laws%20book%202017_Feb2.pdf

It was just updated a few months ago.

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#2171075 - 03/30/18 10:38 AM Re: Understanding state laws and regulations [Re: ABrooks]
ABrooks Offline
New Poster

Registered: 03/22/17
Posts: 14
Thank you!

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#2182269 - 06/19/18 10:50 AM Re: Understanding state laws and regulations [Re: ABrooks]
drchiles Offline
New Poster

Registered: 06/08/18
Posts: 12
In case this is of interest- here are some newer ones to track as well, mostly effective this October.

MD "HB 848/ SB 202- Security Freeze Provisions, effective 10/1/2018.
Impact is indirect to most lenders but may impair ability to pull credit on any transaction where applicant has placed a security freeze. Alters the manner in which a consumer may place, temporarily lift, or remove a security freeze; other provisions that impact credit reporting agencies directly.

MD HB 78- Foreclosure Purchaser Registry Updates, eff 1/1/2019.
We assessed no direct impact to lender. Affects foreclosure purchasers by adding new registry requirement.

MD Electronic Surety Bond Adoption, eff 8/1/2017. Self-explanatory and likely handled by most lenders through the NMLS licensing process.

MD SB 755- Escrow for Sewer and Water, eff 10/1/2018. This bill allows utility escrow accounts to set up upon request, but does not require it

MD HB 1297- Interest and Usury Provisions, eff 1/1/2019. Appears to address Payday Lender practices. At this time we are analyzing this bill for ancillary impacts to 2nd lien loans in the state.

MD SB 566/ HB 1511- Broker's Finders Fee, eff 10/1/2018. This bill restricts the amount of a finder’s fee (broker fee) a mortgage broker may charge a borrower when securing a mortgage loan on the same property more than once in a 24-month period.  Generally, a mortgage broker may charge a finder’s fee of up to 8% of the amount of the loan or advance and, in addition, may charge the borrower for the actual costs of certain documents or any goods or services required by the loan application process for which the mortgage broker has paid a third-party provider.

MD HB 64- AMC Payment to Appraisers, eff 10/1/2018. Reduce amount of time that AMCs have to pay appraisal from 60days after appraisal completion to 45 days. Exception being in cases of breach of contract/substandard performance of services.

MD SB 951/ HB1112- Tax liens and sale of abandoned properties, eff 10/1/2018. Gives counties broader authority to withhold vacant and abandoned properties from tax sale, and retain control over them, for the purposes of redevelopment planning.

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