(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.
Structure Maryland Statutes
Subtitle 5 - Maryland Mortgage Lender Law
Section 11-502 - Applicability
Section 11-503 - Rules and Regulations
Section 11-503.1 - Fee Regulations
Section 11-504 - License or Registration Requirement
Section 11-505 - Licenses and Licensees Generally
Section 11-506 - Qualifications for License
Section 11-506.1 - Exemptions From License Requirement; Fingerprinting
Section 11-507 - Applications for Licenses
Section 11-508.1 - Lender Net Worth Requirements
Section 11-509 - Investigation of Applicant; Issuance of License
Section 11-510 - Denial of License
Section 11-511 - Term and Renewal of Licenses
Section 11-511.1 - Continuing Education
Section 11-512 - Change of Place of Business; Change in Control
Section 11-512.1 - Information Posted by Licensee at Licensed Location and on Website -- Exclusion
Section 11-513 - Books and Records
Section 11-513.1 - Quarterly Call Reports
Section 11-514 - Surrender of License
Section 11-515 - Investigatory Powers and Duties of Commissioner; Complaints
Section 11-516 - Order to Stop Doing Business
Section 11-519 - Reinstatement of Suspended License; Issuance of New License After Revocation