Section 11-521 - Independent evidence of commercial purpose.
§ 11-521. Independent evidence of commercial purpose.
(a) Borrower to provide.- A mortgage lender shall require a borrower to provide the mortgage lender with independent evidence of the commercial purpose of the loan where the loan is:
(1) Secured, in whole or in part, by any interest in a dwelling or residential real estate in Maryland; and
(2) In excess of $75,000.
(b) Independent investigation.- Other than the requirements of subsection (a) of this section, a mortgage lender is not required to make an independent investigation to obtain independent evidence of the commercial purpose.
[1989, ch. 476, § 3; 2009, ch. 4.]