About Statutes

This page accesses the Code of Maryland (Statutes) and the Maryland Municipal Charters and Resolutions as compiled and maintained by the Department of Legislative Services.

The Code is arranged by and organized into “Articles” (e.g. Transportation Article), which are further subdivided into “titles”, “subtitles”, “sections”, “subsections”, “paragraphs”, subparagraphs”, etc.

Note that the “official” compilation of the laws (Chapters) enacted at each session of the General Assembly is published by the State as the “Laws of Maryland”, commonly referred to as the “Session Laws”. The Session Laws for each session are compiled chronologically by chapter number and serve as the source law from which the statutes accessed here are derived.

While the “Laws of Maryland” (Session Laws) constitute the official laws of the State, this Code and the annotated versions noted below are accepted as “evidence” of the law in all State courts and by all public offices and officials (See § 10-201 of the Courts & Judicial Proceedings Article). However, in the event of a conflict between the Code and the Session Laws, the Session Laws prevail.

Note: Annotated versions of the Code, published by LexisNexis and West, are available in book and online formats. These Annotated Codes include references to case law, related citations, and explanatory notations.

The Municipal Charters are updated each year by incorporating all charter resolutions received by the Department through May 31 of that year. Individual Municipal Resolutions are published to the General Assembly website as they are received by the Department.

Statute Text

Article - Financial Institutions
(a)    (1)   The licensing provisions of this subtitle do not apply to independent contractors.
(2)   Independent contractors are subject to the licensing provisions of Subtitle 5 of this title unless exempt from licensing under that subtitle.
(b)   Unless exempted from this subtitle under subsection (d) of this section, an individual may not engage in the business of a mortgage loan originator unless the individual holds a valid license issued under this subtitle.
(c)   Each licensee shall obtain and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry:
(1)   On obtaining an initial or renewal license on or after July 1, 2009; or
(2)   If the Commissioner has not joined the Nationwide Mortgage Licensing System and Registry as of July 1, 2009, on or after the date that the Commissioner joins, as instructed by the Commissioner by notice to the licensee.
(d)   The following individuals are exempt from this subtitle:
(1)   A registered mortgage loan originator, when acting for an entity described in § 11–601(w) of this subtitle;
(2)   An individual who offers or negotiates the terms of a mortgage loan with or on behalf of an immediate family member of the individual;
(3)   An individual who offers or negotiates the terms of a mortgage loan secured by a dwelling that served as the individual’s residence;
(4)   A licensed attorney who negotiates the terms of a mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a mortgage lender, a mortgage broker, or a mortgage loan originator, or by an agent of a mortgage lender, mortgage broker, or mortgage loan originator; and
(5)   Subject to subsection (e) of this section, an individual loan servicer.
(e)   The exemption under subsection (d)(5) of this section is subject to modification by regulations that are adopted by the Commissioner and consistent with any applicable written interpretations of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 by the United States Department of Housing and Urban Development presented through commentaries, guidelines, rules, regulations, or interpretive letters.
(f)   The Commissioner may adopt regulations to carry out this subtitle.