Maryland Amends Education Requirements for Mortgage License Renewal
by: Paul McSheffrey
The Commissioner of Financial Regulation in Maryland has amended Regulation 09.03.06.17, relating to continuing education requirements for mortgage lending licensees. The purpose of the amendments were to clarify the regulation by making the definition of persons required to complete continuing education consistent with the licensure requirements found in Financial Institutions Article, §11-506(b)(2), (3), and (4), Annotated Code of Maryland.
Under 09.03.06.17, covered employees of mortgage lenders must complete eight hours of continuing education per renewal period in order to renew their mortgage lending license.
The amendments come in COMAR 09.03.06.17(B)(2)(a) and (G)(2)(a), defining “Covered Employees” that must meet the continuing education requirements. A covered employee is now defined as
“the person with the required experience under Financial Institutions Article, §11-506(b)(2), (3), and (4), Annotated Code of Maryland, and the manager of each branch office licensed, or required to be licensed, by the Commissioner.”
Section 11-506(b) describes the required experience for an applicant to be granted a mortgage lending license. If the applicant for a mortgage lending license is a sole proprietor, then the applicant must have the required experience. If the applicant is a joint venture, partnership, or other type of business structure, then at least one of the parties to the joint venture, general partners, or members must have the required experience. Under the new amendments to regulation 09.03.06.17, these parties, along with the manager of each branch office required to be licensed, must complete the continuing education requirements.
Section (G)(2)(a) of the regulation was also amended to reflect the changes to “Covered Employees” as discussed above.
These provisions became effective on September 2, 2013.
About the Author
Paul McSheffrey, Esq. is a Regulatory Compliance Consultant at Bankers Advisory, Inc. He is a graduate of Northeastern University and earned his Juris Doctor at the New England School of Law. Paul is admitted to the Bar in Massachusetts and New York. He can be reached at paul@bankersadvisory.com
Paul McSheffrey, JD, is a senior regulatory compliance consultant with CLA. He is a graduate of Northeastern University and earned his juris doctor at the New England School of Law. He is admitted to the Bar in both Massachusetts and New York.
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