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09.03.12 - Financial Regulation - Proposed Regulations

PROPOSED ACTION ON REGULATIONS
MARYLAND REGISTER, VOLUME 44, ISSUE 17,
FRIDAY, AUGUST 18, 2017

Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION

09.03.12 Foreclosure Procedures for Residential Property

Authority: Real Property Article, §§7-105.1 and 7-105.14; Annotated Code of Maryland

Notice of Proposed Action
[17-197-P]

The Commissioner of Financial Regulation proposes to amend Regulations .01 and .08 under COMAR 09.03.12 Foreclosure Procedures for Residential Property.

Statement of Purpose

The purpose of this action is to prescribe a new form to be used by secured parties in expedited foreclosure proceedings for vacant and abandoned properties. The form is to be sent by secured parties to borrowers to inform them of their right to contest a finding that a borrower’s property is vacant and abandoned.

Comparison to Federal Standards

There is no corresponding federal standard to this proposed action.

Estimate of Economic Impact

The proposed action has no economic impact.

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 Jedd Bellman, Assistant Commissioner, Commissioner of Financial Regulation, 500 North Calvert Street, Suite 402, or call 410-230-6390, or email to jedd.bellman@maryland.gov, or fax to 410-333-0475. Comments will be accepted through September 18, 2017. A public hearing has not been scheduled.

.01 Definitions.
  A. (text unchanged)
  B. Terms Defined.
    (1) — (29) (text unchanged)
    (30) “Vacant and abandoned” means a finding by the appropriate circuit court that a residential property is vacant and abandoned pursuant to Real Property Article, §7-105.14(c), Annotated Code of Maryland.

.08 Notice of Filing.
  A. — D. (text unchanged)
  E. Notice of Filing with Respect to Properties Found to Be Vacant and Abandoned. A form substantially similar to that in Appendix H-6 of this chapter shall be used to comply with the notice of filing requirement when accompanying an order to docket or complaint to foreclose with respect to a property that is vacant and abandoned.

TERESA LOURO
Deputy Commissioner of Financial Regulation