HOUSE BILL 973

File Code: Financial Institutions Prior Year Introduction As: SB 90/98 - FIN Crossfiled with: SENATE BILL 347

Sponsored By:

Delegates Benson and Dobson

Entitled:

Mortgage Brokers - Insurance Agents - Collection of a Finder's Fee

Synopsis:

Authorizing a mortgage broker who acts also as an insurance agent in arranging or procuring insurance for a subject property or transaction to collect a finder's fee for services performed as a mortgage broker if the mortgage broker provides a specified written disclosure to the borrower; providing that a violation of the Act shall be deemed to be a violation of law relating to insurance for which the Maryland Insurance Commissioner may take specified disciplinary actions; etc.

History by Legislative Date

House Action

2/12

First Reading Economic Matters

2/18

Re-assigned Commerce and Government Matters

2/24

Hearing 3/9 at 1:00 p.m.

3/24

Unfavorable Report by Commerce and Government Matters

Senate Action

No Action

Sponsored by:

Delegate Joanne C. Benson, District 24

Delegate Michael V. Dobson, District 43

Bill indexed under the following Subjects:

AGENTS AND BROKERS

CONSUMER PROTECTION -see also- ADVTG.; LABELING; WARRANTIES.

DISCLOSURE

FEES -see also- DEVELOPMENT FEES AND TAXES

INSURANCE ADMINISTRATION

INSURANCE -see also- HEALTH INSURANCE; MOTOR VEHICLE INS

MORTGAGES

SUNSET

Bill affects the following Statutes:

Commercial Law

( 12-801 , 12-805 , 12-808 )

Financial Institutions

( 11-501 )

Insurance

( 27-912 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered