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2012 MD Legislative Highlights
Pertaining to the Office of the Commissioner of Financial Regulation
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- HB1373 - Creates an online registry of purchasers of foreclosed properties for use by state and local governments to, among other things, abate nuisances on those foreclosed properties (mow grass, fix broken windows, clear trash, etc.). The registry will be established and maintained by DLLR and the information submitted to the registry is not public and may not otherwise be released.
Effective Date: October 1, 2012
- HB1374 - Provides homeowners an opportunity to meet face-to-face with their mortgage servicer before the foreclosure is filed in a pre-file mediation session. The bill also allows for an expedited foreclosure process on vacant or uninhabitable properties.
Effective Date: October 1, 2012
- SB290 - Explicitly authorizes Commissioner to approve mutual to stock conversions of State-chartered savings banks. The mutual to stock conversion application fee is $5,000 and the Commissioner will issue regulations addressing the conversion process.
Effective Date: July 1, 2012
- SB302 - Affiliates and subsidiaries of federally chartered institutions will no longer be exempt from the Maryland Mortgage Lender Law. The bill also repeals the de minimis exemption for mortgage lender licensing - persons who make three or fewer mortgage loans per calendar year or a broker who makes no more than one mortgage loan per year will no longer be exempt.
Effective Date: January 1, 2013
- SB303 - Clarifies that the parties to a debt management services agreement may rescind the contract at anytime under Maryland law.
Effective Date: July 1, 2012
- SB545 - Amends the laws governing money transmitters to permit the use of NMLS for the licensing of money transmitters.
Effective Date: June 1, 2012
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SB546 - Conforms Maryland's Mortgage Lender and Mortgage Originator laws to the operations of NMLS. Among other things, it revises the proof of minimum net worth due date, requires submission of quarterly call reports, makes the license fee nonrefundable and allows the Affiliated Insurance Producer-Mortgage Loan Originator to be issued an "Approved-Inactive" license.
Effective Date: July 1, 2012
The above summary is available for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to specific issues or questions.
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Division of Financial Regulation Maryland Department of Labor, Licensing and Regulation 500 North Calvert Street, Suite 402 Baltimore, MD 21202-3651 410-230-6155 | Office 410-333-0475 | Fax If you would like to subscribe to our newsletter, please enter your e-mail below.
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