Tag Archive: "Maryland"
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Maryland Enacts Provisions Affecting Foreclosures and Credit Report Security Freezes
Effective October 1, 2017, Maryland enacted certain provisions to streamline the foreclosures of vacant and abandoned properties and amended provisions regarding fees associated with credit report security freezes.
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Maryland Adopts Various Changes Affecting Mortgage Lending
Recent Maryland Mortgage Lending Regulatory updates include the Uniform Electronic Legal Materials Act, Mortgage and Deeds of Trust Recording, the Personal Information Protection Act and Surety Bond Liability
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Maryland Enacts Two Provisions Regarding Notice of Foreclosure Sale
Maryland has enacted House Bill 1048, which requires filing of a notice of foreclosure sale with the Department of Labor, Licensing, and Regulation, and House Bill 26 which provides that a person authorized to make a foreclosure sale give notice of the sale and any postponements or cancellations to the record owner of the property and to condominium or homeowners associations.
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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) […]
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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 […]
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Maryland Revises Foreclosure Procedures for Residential Property
By Paul McSheffrey, J.D. The Maryland Commissioner of Financial Regulation has recently amended provisions under COMAR 09.03.12 relating to foreclosure procedures for owner-occupied residential property. These changes conform Maryland regulations with recent changes to federal regulations. There are now Notice of Intent to Foreclose forms that conform to new federal regulations regarding the foreclosure referral […]
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Maryland Enacts Provisions Regarding the State Trust Act
by: Paul McSheffrey With House Bill 83, the Maryland legislature has recently enacted provisions regarding the State Trust Act. The Bill provides for the codification of Maryland’s trust laws at Title 14.5 of the Maryland Trust Act. The Act applies to express charitable or non-charitable trusts, as well as trusts created in accordance with a […]
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Maryland Revises Statutes Regarding Interest on Escrow Accounts and Savings Accounts Created for a Specific Purpose
by: Paul McSheffreyWith Senate Bill 583, the Maryland legislature has revised commercial and financial statutes relating to escrow accounts created in connection with loans secured by a first mortgage or deed of trust on residential property. Section 12-109(b)(1) now contains a new minimum interest rate payable to borrowers with such escrow accounts. A lending institution […]
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Maryland Amends Owner Occupied Foreclosure Sales and Notary Public Fees
by: Paul McSheffreyForeclosure Sale of Owner Occupied Residential Real Property Maryland has amended provisions regarding residential real property foreclosure with House Bill 595. Under 7-105.1(N-1), if a certified community development financial institution makes an offer to a secured party to purchase owner-occupied residential property, no person may require as a condition of the sale any […]
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Maryland Amends Education Requirements for Mortgage License Renewal
by: Paul McSheffreyThe 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), […]