§ 11-612.2

Maryland § 11-612.2

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 11

Text

(a) (1) In this section the following words have the meanings indicated.

(2) “Active service member” has the meaning stated in § 9–901 of the State Government Article.

(3) (i) “Eligible spouse” means the spouse of an active service member or eligible veteran.

(ii) “Eligible spouse” includes a surviving spouse of:

1. An eligible veteran; or

2. An active service member who died within 1 year before the date on which the license application, renewal, or change of status is submitted.

(4) (i) “Eligible veteran” means a veteran who was discharged from active duty within 1 year before the date on which the license application, renewal, or change of status is submitted.

(ii) “Eligible veteran” does not include a veteran who has been discharged from active duty for more than 1 year before the license application, renewal, or change of status is submitted.

(b) To expedite the renewal or change of status of a license for an active service member, eligible veteran, or eligible spouse, the Commissioner may waive or suspend any licensing requirements to the extent that the waiver or suspension does not result in the failure to meet the minimum licensing standards set forth in 12 U.S.C. Chapter 51 and the regulations adopted under it.

(c) To expedite the issuance of a license to an active service member, eligible veteran, or eligible spouse who holds a valid mortgage loan originator license in another state, the Commissioner may waive or suspend any licensing requirements to the extent that the waiver or suspension does not result in the failure to meet the minimum licensing standards set forth in 12 U.S.C. Chapter 51 and the regulations adopted under it.

(d) The Commissioner shall publish prominently on the Commissioner’s website, or have published on a third–party website used for licensing mortgage loan originators in the State, the expedited processes for the issuance, renewal, or change of status of a license under this section.

(e) The Commissioner may adopt regulations to carry out this section.