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09.03.12 - Financial Regulation - Final Regulations

 

FINAL ACTION ON REGULATIONS
MARYLAND REGISTER, VOLUME 39, ISSUE 26,
FRIDAY, DECEMBER 28, 2012

Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION

09.03.12 Foreclosure Procedures for Residential Property

Authority: Real Property Article, §7-105.1[(c)(4) and (d)(2)(vii)], Annotated Code of Maryland

Notice of Final Action
[12-289-F]

On December 10, 2012, the Commissioner of Financial Regulation adopted the repeal of existing Regulations .01 — .03 and new Regulations .01 — .12 under COMAR 09.03.12 Foreclosure Procedures for Residential Property. This action, which was proposed for adoption in 39:21 Md. R. 1389 — 1393 (October 19, 2012), has been adopted with the nonsubstantive changes shown below.

Effective Date: January 7, 2013.

Attorney General’s Certification

In accordance with State Government Article, §10-113, Annotated Code of Maryland, the Attorney General certifies that the following changes do not differ substantively from the proposed text. The nature of the changes and the basis for this conclusion are as follows:

The proposed Maryland Foreclosure Process and Time Line form for not owner-occupied property (Appendix C, page 5 of 5) stated that in the Notice of Intent to Foreclose enclosed with this form, the owner of not owner-occupied property would receive an application for loss mitigation and instructions to complete the application. These items have been removed from the form because the law does not require that an application for loss mitigation be sent to the owner of not owner-occupied property. This change is nonsubstantive because it brings the form into compliance with the enabling statute.
Note: The revised page of the form (Appendix C, page 5 of 5) appears at the end of the Proposed Action on Regulations section of this issue of the Maryland Register.

ANNE BALCER NORTON
Deputy Commissioner of Financial Regulation