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Office of the Commissioner of Financial Regulation

 

Regulation Review Process

 

In accordance with §§10-130—10-139 of the State Government Article (“SG”) of the Annotated Code of Maryland, the Commissioner of Financial Regulation (“Commissioner”) has conducted a regulation review of the following chapters of COMAR to determine if they continue to be necessary for the public interest, continue to be supported by statutory authority and judicial opinion, and are appropriate for amendment or repeal:


Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION

09.03.01 Credit Unions

09.03.02 General Regulations

09.03.03 Procedure for Handling Applications

09.03.04 Retail Installment Sellers

09.03.07 Credit Reporting Agencies

The Commissioner requests comments on his proposed revisions from the public and all interested parties. The Commissioner has identified the parties listed below each referenced chapter as the most likely stakeholders for that chapter.

 


09.03.01 Credit Unions


Stakeholders: Anyone subject to Title 6 (Credit Unions) of the Financial Institution Article of the Annotated Code of Maryland. In general, these regulations set forth the requirements for real estate lending, investments, accounting procedures and records retention, member business loans, maximum loans to a single member, reports to the Commissioner, and Electronically Conducted Elections of the Board of Directors.

Amendments under consideration: 

  1. Updating §09.03.01.08 to require changes to a credit union’s loan policy as a result of recent economic conditions, loan officer registration requirements under the SAFE Act, and settlement forms (see §09.03.01.08 Real Estate Lending); 
  2. Repealing most of §09.03.01.14, amending the definition of member business loan, and adopting the NCUA’s member business loan regulation (12 C.F.R. Part 723) (see §09.03.01.14 Member Business Loans); and
  3. Updating §09.03.01.16 to include the quarterly call reporting periods that the credit unions are already providing to the Commissioner (see §09.03.01.16 Reports to the Commissioner of Financial Regulation). 

Questions or Comments about Chapter 01 Credit Unions



09.03.02 General Regulations 


Stakeholders: Anyone subject to Title 11, Subtitle 2 (Consumer Loans – Licensing Provisions) and Subtitle 5 (Maryland Mortgage Lender Law) of the Financial Institution Article of the Annotated Code Maryland. In general, these regulations set forth the requirements for book and records management. 

Amendments under consideration: None

Questions or Comments about Chapter 02 General Regulations



09.03.03 Procedure for Handling Applications 


Stakeholders: Anyone subject to Titles 3 (Banking Institutions - Commercial Banks), 4 (Savings Banks), 5 (Banking Institutions), and 6 (Credit Unions) of the Financial Institutions Article of the Annotated Code of Maryland. In general, these regulations set forth the requirements for submitting applications to the Commissioner for various corporate activities.

Amendments under consideration: 

Amending §09.03.03.03 to state that publication will occur upon the filing of a “complete” application, and publication will include the applicant’s current or proposed business location (see §09.03.03.03 Publication).

Questions or Comments about Chapter 03 Procedure for Handling Applications



09.03.04 Retail Installment Sellers 


Stakeholders: Anyone subject to Title 11, Subtitle 4 (Sales Finance Companies - Licensing Provisions) of the Financial Institutions Article of the Annotated Code of Maryland and Title 12, Subtitle 6 (Retail Installment Sales) of the Commercial Law Article of the Annotated Code of Maryland. These regulations in general set forth the requirements for repossessions, application of repossession proceeds, and insurance.

Amendments under consideration: None

Questions or Comments about Chapter 04 Retail Installment Sellers



09.03.07 Credit Reporting Agencies 


Stakeholders: Anyone subject to Title 14, Subtitle 12 of the Commercial Law Article of the Annotated Code of Maryland. In general, these regulations set forth an annual registration requirement, and operational procedures.

Amendments under consideration: None

Questions or Comments about Chapter 07 Credit Reporting Agencies


EXCEPTIONS FROM THE REVIEW PROCESS

In accordance with the SG §10-132.1, the Commissioner of Financial Regulation has certified to the Governor and the Administrative Executive and Legislative Review Committee that it would not be effective or cost-effect to review the following chapters, and these chapters are therefore exempt from review because they were adopted to implement a federally mandated or approved program, or initially adopted or comprehensively amended during the preceding 8-years.

Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION


09.03.06 Mortgage Lenders (Amended March 15, 2010)

09.03.09 Mortgage Loan Originators
(Amended March 15, 2010)

09.03.10 Credit and Other Regulation
(Amended March 15, 2010)

09.03.11 Recordation of Security Instrument for Residential Property
(Amended March 15, 2010)

09.03.12 Foreclosure Procedures Act
(Amended March 15, 2010)

09.03.13 State Collection Agency Licensing Board – Fees
(Effective October 3, 2011)

09.03.14 Money Transmitters
(Effective May 27, 2013)