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09.03.06 - Financial Regulation - Proposed Regulations

PROPOSED ACTION ON REGULATIONS
MARYLAND REGISTER, VOLUME 42, ISSUE 21,
FRIDAY, OCTOBER 16, 2015

Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION

09.03.06 MORTGAGE LENDERS

Authority: Business Regulation Article, § 2-105; Financial Institutions Article, §§ 2-105.1, 11-503, 11-503.1, 11-505, 11-506(a), 11-506(c)(1), 11-507, 11-508(g), 11-511, 11-511.1, 11-513(a) and 11-515(c); Real Property Article, § 3-104.1, Annotated Code of Maryland

Notice of Proposed Action
[15-323-P]

The Commissioner of Financial Regulation proposes to amend Regulation .23 under COMAR 09.03.06 Mortgage Lenders.

Statement of Purpose

The purpose of this action is to reduce the mortgage lender license investigation fee.

Comparison to Federal Standards

There is no corresponding federal standard to this proposed action.

Estimate of Economic Impact

I. Summary of Economic Impact. Reduction of the $100 mortgage lender license investigation fee to $1 will benefit initial applicants of mortgage lender licenses and will reduce agency revenue by approximately $49,401 annually.

Revenue (R+/R-)
 
II. Types of Economic
Impact.
Expenditure
(E+/E-)
Magnitude

A. On issuing agency:
Department of Labor, Licensing and Regulation
 

R-
 
 
$49,401 annually
 
B. On other State agencies: NONE  
 
C. On local governments: NONE
Benefit (+)
Cost (-)
Magnitude

D. On regulated industries or trade groups:
Regulated Industries/
Mortgage lenders
 
 
 
(+)
 
 
 
$49,401 annually
E. On other industries or trade groups: NONE
 
F. Direct and indirect effects on public: NONE  

III. Assumptions. (Identified by Impact Letter and Number from Section II.)

  A. By reducing the investigation fee, the department will have reduced revenues of approximately $49,401 annually.
  D. Cumulatively the industry will have costs savings of approximately $49,401 annually by reduction of this initial license investigation fee.

Economic Impact on Small Businesses

The proposed action has minimal or no economic impact on small businesses.

Impact on Individuals with Disabilities

The proposed action has no impact on individuals with disabilities.

Opportunity for Public Comment

Comments may be sent to Keisha Whitehall Wolfe, Acting Deputy Commission of Financial Regulation, Department of Labor, Licensing and Regulation, 500 N. Calvert Street, Baltimore, MD 21202, or call 410-230-6362, or email to keisha.whitehallwolfe@maryland.gov, or fax to 410-333-0475. Comments will be accepted through November 16, 2015. A public hearing has not been scheduled.

.23 Fees.
  A. Application Investigation Fee. The nonrefundable investigation fee required by Financial Institutions Article, §11-507(b)(1), Annotated Code of Maryland, is [$100] $1.
  B.—D. (text unchanged)

GORDON COOLEY
Commissioner of Financial Regulation