Maryland Mortgage Lender License Application Investigation Fee Reduced
Effective July 1, 2016 the mortgage lender license application investigation fee is reduced from the current rate of $100 to $1.
MD Fin Inst Code § 11-507 (2013) requires that any applicant for a Mortgage Lenders license shall pay the Commissioner of Financial Regulation a nonrefundable investigation fee. Currently, the Code of Maryland Regulations (COMAR) 09.03.06.23(A) sets the application investigation fee at $100. In order to benefit initial applicants of mortgage lender licenses the Commissioner has adopted an amendment that reduces this fee from $100 to $1.
The reduction in fee is effective July 1, 2016.
Review the update in its entirety via the following link: https://www.dllr.state.md.us/regs/propreg-finreg-comar090306oct162015.shtml
Adam Faria, JD, is a regulatory compliance consultant with CLA. He is a graduate of Northeastern University and earned his juris doctor at Suffolk University Law School. He is admitted to the bar in Massachusetts and New Hampshire.
Comments are closed.