Section 11-603 - Powers of licensees.
§ 11-603. Powers of licensees.
(a) Acts within scope of employment with mortgage lender.- A license issued under this subtitle authorizes the licensee to act as a mortgage loan originator only when acting within the scope of employment with:
(1) A mortgage lender; or
(2) A person who is exempt from licensing as a mortgage lender.
(b) Limitations.- A licensee may not:
(1) Maintain more than one license under this subtitle; or
(2) Be employed by more than one mortgage lender or person who is exempt from licensing as a mortgage lender.
(c) Name.-
(1) The Commissioner shall include on each license:
(i) The name of the licensee;
(ii) The name of the licensee's employer; and
(iii) The unique identifier of the licensee if the licensee has been issued a unique identifier.
(2) An individual may not act as a mortgage loan originator under a name or for an employer that is different from the name and employer that appear on the license unless the licensee:
(i) Notifies the Commissioner in writing in advance of a change in the licensee's name or the licensee's employer;
(ii) Pays to the Commissioner a license amendment fee set by the Commissioner for each notice provided under this paragraph;
(iii) Returns to the Commissioner the licensee's license, or an affidavit stating that the license has been lost or destroyed; and
(iv) In the case of a new employer, submits to the Commissioner a notarized statement from the licensee's new employer that the licensee is an employee of the new employer.
(3) If a licensee ceases to be employed by a licensed mortgage lender or by a person exempt from licensing as a mortgage lender, the licensee shall notify the Commissioner within 10 business days, and the license shall be placed into nonactive status.
(4) During the time that a license is in nonactive status, it is a violation of this subtitle for the licensee to engage in any activity for which a license is required under this subtitle.
(5) The license shall remain in nonactive status until:
(i) The licensee:
1. Notifies the Commissioner in writing that the licensee has obtained employment with a licensed mortgage lender or with a person exempt from licensing as a mortgage lender; and
2. Has complied with the requirements set forth in paragraph (2) of this subsection; or
(ii) The license expires or is revoked.
(d) Mortgage lenders outside State.- A license may be issued under this subtitle to an individual who is employed by a mortgage lender that has its principal office located outside the State if the mortgage lender maintains:
(1) A resident agent within the State; and
(2) An office within the State staffed by at least one employee authorized to originate mortgage loans.
(e) Mortgage lenders outside State - Exceptions.- Notwithstanding subsection (d)(2) of this section, a mortgage lender is not required to maintain an office in this State if the laws of the state in which its principal office is located authorize a mortgage lender from this State to engage in mortgage lending without maintaining an office in that state.
(f) Scope of section.- This section does not apply to an affiliated insurance producer-mortgage loan originator licensed under § 11-603.1 of this subtitle.
[2005, ch. 590; 2008, ch. 7, § 2; ch. 8, § 2; 2009, ch. 4; 2010, ch. 72.]