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Code · Maryland · Financial Institutions

§ 11-619

225 words·~1 min read·/md/financial-institutions/11-619

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§11–619.
(a)Each mortgage loan originator shall be covered by a surety bond in accordance with this section.
(1)A mortgage loan originator who is an employee of a person subject to licensure under Subtitle 5 of this title may use the surety bond of that person to meet the mortgage loan originator’s surety bond requirement.
(2)A mortgage loan originator who is an employee of a person exempt from licensure under Subtitle 5 of this title may use a surety bond of the person to meet the mortgage loan originator’s surety bond requirement, provided the surety bond meets the requirements, based on mortgage loan volume, under § 11–508 of this title.
(c)A licensee who is an affiliated insurance producer–mortgage loan originator shall be deemed in compliance with this section if the licensee:
(1)Holds a surety bond that would satisfy the surety bond requirements under § 11–508 of this title if the affiliated insurance producer–mortgage loan originator were a licensee under Subtitle 5 of this title; or
(2)Is covered under a blanket surety bond held by the financial institution or mortgage lender licensee identified in § 11–603.1(a)(3) of this subtitle if the blanket surety bond:
(i)Covers all affiliated insurance producer–mortgage loan originators; and
(ii)Is in the amount of $1,000,000 or another amount as required by the Commissioner by regulation.
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