Maryland Updates Mortgage Loan Officer Licensing Requirements
By Adam Faria, J.D.
Effective July 1, 2016, Maryland Senate Bill 87 amends certain Mortgage Loan Officer licensing requirements as they relate to fingerprints for use by the Criminal Justice Information System Central Repository of the Department of Public Safety and Correctional Services (Central Repository). Senate Bill 87 also repeals the requirement that the Commissioner waive State criminal history records check to expedite licensing for military members, veterans, their spouses, and applicants who were employed as registered mortgage loan originators.
I. Fingerprint requirements amended
MD Fin Inst Code § 11-604 has been amended to remove the requirement that upon initial application or request of the Commissioner, the applicant be required to provide fingerprints to the Criminal Justice Information System Central Repository of the Department of Public Safety and Correctional Services for the purpose of conducting a criminal history records check. The requirement to provide fingerprints to the Federal Bureau of Investigation and any other governmental agency or entity authorized to receive such information for a criminal history background check remains unchanged.
II. Expedited licensing of service member, veteran, or military spouse amended
MD Fin Inst Code § 11-612.2 has been amended to remove the requirement that the commissioner waive the State criminal history records check for Service members, Veterans and Military spouses. The Commissioner may still waive or suspend other licensing requirements that would not violate the standards set forth in 12 U.S.C. Chapter 51.
III. Expedited licensing of registered mortgage loan originator repealed
MD Fin Inst Code § 11-612.3 has been repealed in its entirety. The Commissioner may no longer waive the State criminal history records check for applicants who were employed as a registered mortgage loan originator within 45 days of their application.
About the Author
Adam Faria, J.D .is a Regulatory Compliance Consultant at Bankers Advisory. 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. He can be reached at adam.faria@bankersadvisory.com.
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.
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