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2019 Maryland Code
Financial Institutions
Title 11 - Consumer Credit
Subtitle 5 - Maryland Mortgage Lender Law
§ 11-521. Independent evidence of commercial purpose
Universal Citation: MD Fin Inst Code § 11-521 (2019)
(a) A mortgage lender shall require a borrower to provide the mortgage lender with independent evidence of the commercial purpose of the loan where the loan is:
(1) Secured, in whole or in part, by any interest in a dwelling or residential real estate in Maryland; and
(2) In excess of $75,000.
(b) Other than the requirements of subsection (a) of this section, a mortgage lender is not required to make an independent investigation to obtain independent evidence of the commercial purpose.
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