Maryland Statutes
Subtitle 12 - Reverse Mortgage Loans Act
Section 12-1205 - Inapplicability of Federal Provisions -- Uninsured Loans

(a)    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)    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.

Structure Maryland Statutes