Maryland passed a bill amending the Maryland Mortgage Lender Law (MMLL). Under the bill, a mortgage lender, broker and servicer licensed under the MMLL must maintain a surety bond in an amount between $50,000 and $750,000 as determined by the Division of Financial Regulation (Division). Previously, a mortgage lender, broker and servicer was required to maintain a surety bond in an amount between $50,000 and $150,00 based on the aggregate principal amount of mortgage loans made, procured, or serviced during the 12 months immediately proceeding the month in which the mortgage lender, broker or servicer’s license application was filed. The bill also amended notification requirements with respect to the addition, deletion and modification of an office location, and a change in information in the NMLS with respect to a legal name or trade name, the address of the principal executive office, and the address of each additional location where business is conducted. In addition, the bill modified recordkeeping requirements to allow records to be stored at any licensed location (rather than the principal place of business). The bill went into effect July 1, 2023.
Click to view the Maryland House Bill 686: https://www.tenaco.com/wp-content/uploads/2023/07/MD-HB-686-07-01-23.pdf
