Maryland Code, FINANCIAL INSTITUTIONS 11-605
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 11-605
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Conviction: A judgement of guilt against a criminal defendant.
- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- including: means includes or including by way of illustration and not by way of limitation. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
(1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction;
(2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:
(i) During the 7-year period immediately preceding the date of the application for licensing; or
(ii) At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering;
(3) The applicant has demonstrated financial responsibility, character, and general fitness sufficient to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently;
(4) The applicant has completed the prelicensing education requirement under § 11-606 of this subtitle and any prelicensing education requirements established by the Commissioner by regulation;
(5) The applicant has passed a test that meets the requirements established under § 11-606.1 of this subtitle and any prelicensing testing requirements established by the Commissioner by regulation; and
(6) The applicant has met the surety bond requirement under § 11-619 of this subtitle.
(b) A conviction for which a pardon has been granted is not a conviction for purposes of subsection (a)(2) of this section.
(c) A determination that an individual does not meet the requirements for financial responsibility under subsection (a)(3) of this section may not be based solely on:
(1) Debts arising from medical expenses, including judgments;
(2) Except for delinquent child support payments, debts, including judgments, arising from divorce proceedings or divorce settlements;
(3) Foreclosures on the applicant’s principal residence;
(4) The applicant’s credit score as reported by any consumer reporting agency, as defined in 15 U.S.C. § 1681a; or
(5) The applicant’s involvement in a bankruptcy proceeding under Title 11 of the United States Code.