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Code · Maryland · Financial Institutions

§ 11-521

83 words·~1 min read·/md/financial-institutions/11-521

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§11–521.
(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.
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