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09.03.11 and 09.03.12 - Commissioner of Financial Regulation - Final Regulations

FINAL ACTION ON REGULATIONS
MARYLAND REGISTER, VOLUME 44, ISSUE 13,
FRIDAY, JUNE 23, 2017

Title 09
DEPARTMENT OF LABOR, LICENSING, AND REGULATION

Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION

COMAR 09.03.11 - Recordation of Security Instruments for Residential Property and
COMAR 09.03.12 - Foreclosure Procedures for Residential Property

Notice of Final Action
[17-057-F]

On May 31, 2017, the Commissioner of Financial Regulation adopted amendments to:
  (1) Regulations .01 and .02 under COMAR 09.03.11 Recordation of Security Instruments for Residential Property; and
  (2) Regulations .01 and .02 under COMAR 09.03.12 Foreclosure Procedures for Residential Property.
This action, which was proposed for adoption in 44:2 Md. R. 104—105 (January 20, 2017), has been adopted as proposed.

Effective Date: July 3, 2017.

TERESA LOURO
Deputy Commissioner of Financial Regulation

09.03.11 Recordation of Security Instruments for Residential Property

Authority: Real Property Article, §3-104.1, Annotated Code of Maryland

.01 Definitions.
  A. (text unchanged)
  B. Terms Defined.
    (1) — (3) (text unchanged)
    (4) “Nationwide Mortgage Licensing System and Registry (NMLSR)” has the meaning stated in Financial Institutions Article, §11-501, Annotated Code of Maryland.
    [(4)] (5) — [(6)] (7) (text unchanged)
    (8) “Unique identifier” has the meaning stated in Financial Institutions Article, §11-601, Annotated Code of Maryland.

.02 Information in Recorded Security Instrument.
  A. Licensee Information or Affidavit in Lieu of Licensee Information.
    (1) If a mortgage lender licensee is named in the promissory note or agreement evidencing a mortgage loan on a residential property that is secured by a security instrument to be recorded under Real Property Article, §3-104.1, Annotated Code of Maryland, the following information shall be filed with the security instrument:
      (a) (text unchanged)
      (b) The Maryland mortgage lender license number of the mortgage lender licensee or the NMLSR unique identifier of the mortgage lender licensee.
    (2) If a mortgage loan originator licensee originated the mortgage loan on residential property that is secured by a security instrument to be recorded under Real Property Article, §3-104.1, Annotated Code of Maryland, the following information shall be filed with the security instrument:
      (a) (text unchanged)
      (b) The Maryland mortgage loan originator license number of the mortgage loan originator licensee or the NMLSR unique identifier of the mortgage loan originator licensee.
    (3) — (4) (text unchanged)
  B. — C. (text unchanged)

09.03.12 Foreclosure Procedures for Residential Property

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

.01 Definitions.
  A. (text unchanged)
  B. Terms Defined.
    (1) — (17) (text unchanged)
    (18) “Nationwide Mortgage Licensing System and Registry (NMLSR)” has the meaning stated in Financial Institutions Article, §11-501, Annotated Code of Maryland.
[(18)] (19) — [(27)] (28) (text unchanged)
    (29) “Unique identifier” has the meaning stated in Financial Institutions Article, §11-601, Annotated Code of Maryland.

.02 Notice of Intent to Foreclose.
  A. (text unchanged)
  B. Owner-Occupied Residential Property.
    (1) (text unchanged)
    (2) For purposes of the notice set forth in §B(1) of this regulation, the names and license numbers of mortgage lender licensees and mortgage loan originator licensees are required to be included in the notice only if this information is included on or recorded with the security instrument securing the mortgage loan related to the notice, or is otherwise known to the person sending the notice. The person sending the notice set forth in §B(1) of this regulation may satisfy the requirement to include the license number of the mortgage lender licensee and mortgage loan originator licensee by including the NMLSR unique identifier. If the mortgage lender was exempt from licensure under Financial Institutions Article, §11-501 et seq., Annotated Code of Maryland, at the time the mortgage loan was made, then a mortgage lender license number is not required under this section. If the mortgage loan originator was exempt from licensure under Financial Institutions Article, §11-601 et seq., Annotated Code of Maryland, at the time the mortgage loan was originated, then a mortgage lender license number is not required under this section.
    (3) — (4) (text unchanged)
  C. — G. (text unchanged)