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09.03.09 - Financial Regulation - Proposed Regulations

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

Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION

09.03.09 MORTGAGE LOAN ORIGINATORS

Authority: Business Regulation Article, §2-105; Financial Institutions Article, §§2-105.1, 11-602, 11-603, 11-603.1, 11-604, 11-605, 11-606, 11-609, 11-612, 11-612.1, and 11-613(b); Annotated Code of Maryland

Notice of Proposed Action
[15-324-P]

The Commissioner of Financial Regulation proposes to amend Regulation .07 under COMAR 09.03.09 Mortgage Loan Originators.

Statement of Purpose

The purpose of this action is to reduce the application investigation fee for mortgage loan originators and affiliated insurance producer-mortgage loan originators. The proposed regulation also reduces the license amendment fee for mortgage loan originators and affiliated insurance producer-mortgage loan originators.

Comparison to Federal Standards

There is no corresponding federal standard to this proposed action.

Estimate of Economic Impact

I. Summary of Economic Impact. The proposed action will lead to a reduction in revenue of approximately $381,590 annually. It is expected that the new, reduced license amendment fee will cover the cost of staff time to process amendment requests. It is expected that the separate license application fee will be sufficient to cover the cost of processing license applications, including associated investigation time.

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

A. On issuing agency:
  (1) Reduction in License Amendment Fee (Originators)
  (2) Reduction in License Amendment Fee -Aff Originator
  (3) Reduction of Investigation Fee (Originator)
  (4) Reduction of Investigation Fee -Aff Originator
 

R-

R-

R-

R-
 
 
$79,915

$1,705

$297,000

$2,970
 
B. On other State agencies: NONE  
 
C. On local governments: NONE
Benefit (+)
Cost (-)
Magnitude

D. On regulated industries or trade groups:
  (1) Reduction in License Amendment Fee (Originators)
  (2) Reduction in License Amendment Fee -Aff Originator
  (3) Reduction of Investigation Fee (Originator)
  (4) Reduction of Investigation Fee -Aff Originator

 

(+)

(+)

(+)

(+)
 

 
$79,915

$1,705

$297,000

$2,970
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(1) and D(1). This reduction is expected to affect approximately 1,453 licensees annually.
  A(2) and D(2). This reduction is expected to affect approximately 31 licensees annually.
  A(3). This change will affect approximately 3,000 applicants annually.
  A(4). This change is expected to affect approximately 30 applicants annually.
  D(3). This change will affect approximately 3,000 applicants annually.
  D(4). This change is expected to affect approximately 30 applicants annually.

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.

.07 Fees.
  A. Application Investigation Fee. The nonrefundable investigation fee required by Financial Institutions Article, [§11-606(b)(1)] § 11-604(c)(1), Annotated Code of Maryland, is [$100] $1.
  B.—C. (text unchanged)
  C-1. Licensing Fees for Affiliated Insurance Producer-Mortgage Loan Originator Subject to Financial Institutions Article, §11-603.1, Annotated Code of Maryland.
    (1) Application Investigation Fee. The nonrefundable investigation fee required by Financial Institutions Article, [§11-604(b)(1)] § 11-604(c)(1), Annotated Code of Maryland, is [$100] $1.
    (2)—(3) (text unchanged)
  D. (text unchanged)
  E. License Amendment Fee. The license amendment fee required by Financial Institutions Article, §11-603(c)(2), Annotated Code of Maryland, is [$75] $20.

GORDON COOLEY
Commissioner of Financial Regulation