2013 Maryland Code
COMMERCIAL LAW
§ 12-1205 - Inapplicability of federal provisions -- Uninsured loans.


MD Comm L Code § 12-1205 (2013) What's This?

§12-1205.

(a) A reverse mortgage loan that is not insured under 12 U.S.C. § 1715z-20 is not subject to the provisions in 12 U.S.C. § 1715z-20, or in any regulations or guidance adopted under 12 U.S.C. § 1715z-20, that:

(1) Limit origination fees to $6,000 as adjusted under 12 U.S.C. § 1715z-20(r);

(2) Impose maximum claim amounts or other loan limit restrictions; or

(3) Require government insurance for the loan.

(b) A lender or an arranger of financing is not subject to the federal regulatory approval requirements of 24 C.F.R., Part 202 when making or arranging a reverse mortgage loan that is not insured under 12 U.S.C. § 1715z-20.

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