Maryland Code, FINANCIAL INSTITUTIONS 11-612.2
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 11-612.2
- 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
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - veteran: includes , if the individual is eligible under 38 U. See
(2) (i) “Military spouse” means the spouse of a service member or veteran.
(ii) “Military spouse” includes a surviving spouse of:
1. A veteran; or
2. A service member who died within 1 year before the date on which the license application, renewal, or change of status is submitted.
(3) “Service member” means an individual who is an active duty member of:
(i) The armed forces of the United States;
(ii) A reserve component of the armed forces of the United States; or
(iii) The National Guard of any state.
(4) (i) “Veteran” means a former service member who was discharged from active duty under circumstances other than dishonorable within 1 year before the date on which the license application, renewal, or change of status is submitted.
(ii) “Veteran” does not include an individual who has completed active duty and has been discharged for more than 1 year before the license application, renewal, or change of status is submitted.
(b) To expedite the renewal or change of status of a license for a service member, veteran, or military spouse, the Commissioner may waive or suspend any licensing requirements to the extent that the waiver or suspension does not result in the failure to meet the minimum licensing standards set forth in 12 U.S.C. Chapter 51 and the regulations adopted under it.
(c) To expedite the issuance of a license to a service member, veteran, or military spouse who holds a valid mortgage loan originator license in another state, the Commissioner may waive or suspend any licensing requirements to the extent that the waiver or suspension does not result in the failure to meet the minimum licensing standards set forth in 12 U.S.C. Chapter 51 and the regulations adopted under it.
(d) The Commissioner shall publish prominently on the Commissioner’s website, or have published on a third-party website used for licensing mortgage loan originators in the State, the expedited processes for the issuance, renewal, or change of status of a license under this section.
(e) The Commissioner may adopt regulations to carry out this section.