2010 Maryland Code
COMMERCIAL LAW
TITLE 12 - CREDIT REGULATIONS
Subtitle 12 - Reverse Mortgage Loans Act
Section 12-1205 - Inapplicability of federal provisions-Uninsured loans.
§ 12-1205. Inapplicability of federal provisions - Uninsured loans.
(a) Certain federal provisions inapplicable - Reverse mortgage loans.- 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) Certain federal provisions inapplicable - Lenders or arrangers of financing.- 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.
[2010, chs. 622, 623.]
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
