§ 12-1205
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/md/commercial-law/12-1205A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–1205.
(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.