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09.03.06.17 - Financial Regulation - Pending Regulations

 

PROPOSED ACTION ON REGULATIONS
MARYLAND REGISTER, VOLUME 40, ISSUE 12,
FRIDAY, JUNE 14, 2013

Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION

09.03.06 Mortgage Lenders

Authority: Financial Institutions Article, §§2-105.1 and 11-511.1, Annotated Code of Maryland

Notice of Proposed Action
[13-159-P]

The Commissioner of Financial Regulation proposes to amend Regulation .17 under COMAR 09.03.06 Mortgage Lenders.

Statement of Purpose

The purpose of this action is to clarify the current regulation by making the definition of persons required to complete continuing education consistent with the licensure requirements in Financial Institutions Article, §11-506(b)(2), (3), and (4), Annotated Code of Maryland.

Comparison to Federal Standards

There is no corresponding federal standard to this proposed action.

Estimate of Economic Impact

The proposed action has no economic impact.

Economic Impact on Small Businesses

The proposed action has minimal or no economic impact on small businesses.

Impact on Individuals with Disabilities

The proposed action has no impact on individuals with disabilities.

Opportunity for Public Comment

Comments may be sent to Keisha Whitehall Wolfe, Assistant Commissioner, Division of Financial Regulation, 500 North Calvert Street, Suite 402, Baltimore, MD 21201, or call 410-230-6362, or email to kwhitehallwolfe@dllr.state.md.us, or fax to 410-333-0475. Comments will be accepted through July 19, 2013. A public hearing has not been scheduled.

.17 Continuing Education.
  A. (text unchanged)
  B. Definitions. In this regulation, the following terms have the meanings indicated:
    (1) (text unchanged)
    (2) Covered Employees.
      (a) “Covered employees” means the person with the required experience under Financial Institutions Article, §11-506(b)(2), (3), and (4), Annotated Code of Maryland, and the manager of each [corporate office and the] branch office licensed, or required to be licensed, by the Commissioner.
      (b) (text unchanged)
  C. — F. (text unchanged)
  G. Nonrenewal, Suspension, or Revocation of License.
    (1) (text unchanged)
    (2) The Commissioner may issue to a licensee a cease and desist order under Financial Institutions Article, §11-517, Annotated Code of Maryland, which:
      (a) Prohibits a covered employee who has failed to comply with this regulation from qualifying as the person with the required experience under Financial Institutions Article, §11-506(b)(2), (3), and (4), Annotated Code of Maryland, or acting as a manager of [the licensee’s corporate office or] a branch office; and
      (b) (text unchanged)

MARK KAUFMAN
Commissioner of Financial Regulation