2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 11-612 - Continuing education.

§11-612.

(a) Before applying for renewal of a license, a licensee shall complete at least 8 hours of continuing education, which shall include:

(1) 3 hours of instruction on federal law and regulations relating to mortgage origination;

(2) 2 hours of instruction on ethics, including instruction on fraud, consumer protection, and fair lending issues; and

(3) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.

(b) (1) All continuing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry.

(2) Review and approval of a continuing education course shall include review and approval of the course provider by the Nationwide Mortgage Licensing System and Registry.

(c) Continuing education may be offered in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry.

(d) A licensee:

(1) Shall receive credit for a continuing education course only in the year in which the course is taken; and

(2) May not take the same continuing education course to meet the annual requirement for continuing education.

(e) A licensee who teaches an approved continuing education course may receive credit for the licensee’s own annual continuing education requirement at the rate of 2 hours of credit for every 1 hour taught.

(f) A licensee’s successful completion in another state of the continuing education requirements approved by the Nationwide Mortgage Licensing System and Registry, except continuing education requirements specific to that other state, shall be accepted by the Commissioner as credit towards completion of continuing education requirements in this State.

(g) This section does not preclude any continuing education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the mortgage loan originator or an entity that is affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of the employer or entity.

(h) The Commissioner may adopt regulations to implement this section.

§ 11-612 - 1. Regulations -- Fees

(a) In general. -- The Commissioner shall set by regulation the fees provided for in this subtitle.

(b) Fee requirements. -- The fees established by the Commissioner under this section shall be reasonable and set in a manner that will produce funds sufficient to cover the actual direct and indirect costs of regulating licensees in accordance with the provisions of this subtitle.

(c) Publication of fee schedule. -- The Commissioner shall publish the fee schedule set by the Commissioner.

§ 11-612 - 2. Expedited licensing of service member, veteran, or military spouse [Effective July 1, 2013].

(a) Definitions. --

(1) In this section the following words have the meanings indicated.

(2) (i) "Military spouse" means the spouse of a service member or veteran.

(ii) "Military spouse" includes a surviving spouse of:

1. A veteran; or

2. A service member who died within 1 year before the date on which the license application, renewal, or change of status is submitted.

(3) "Service member" means an individual who is an active duty member of:

(i) The armed forces of the United States;

(ii) A reserve component of the armed forces of the United States; or

(iii) The National Guard of any state.

(4) (i) "Veteran" means a former service member who was discharged from active duty under circumstances other than dishonorable within 1 year before the date on which the license application, renewal, or change of status is submitted.

(ii) "Veteran" does not include an individual who has completed active duty and has been discharged for more than 1 year before the license application, renewal, or change of status is submitted.

(b) Waiver or suspension of requirements on renewal or change of status of license. -- To expedite the renewal or change of status of a license for a service member, veteran, or military spouse, the Commissioner:

(1) Shall waive, as applicable, the State criminal history records check; and

(2) May waive or suspend any other licensing requirements to the extent that the waiver or suspension does not result in the failure to meet the minimum licensing standards set forth in 12 U.S.C. Chapter 51 and the regulations adopted under it.

(c) Waiver or suspension of requirements for issuance of license. -- To expedite the issuance of a license to a service member, veteran, or military spouse who holds a valid mortgage loan originator license in another state, the Commissioner:

(1) Shall waive the State criminal history records check; and

(2) May waive or suspend any other licensing requirements to the extent that the waiver or suspension does not result in the failure to meet the minimum licensing standards set forth in 12 U.S.C. Chapter 51 and the regulations adopted under it.

(d) Process published on Web site. -- The Commissioner shall publish prominently on the Commissioner's Web site, or have published on a third-party Web site used for licensing mortgage loan originators in the State, the expedited processes for the issuance, renewal, or change of status of a license under this section.

(e) Regulations. -- The Commissioner may adopt regulations to carry out this section.