Section 11-619 - Surety bond.
§ 11-619. Surety bond.
(a) In general.- Each mortgage loan originator shall be covered by a surety bond in accordance with this section.
(b) Coverage of employees.-
(1) A mortgage loan originator who is an employee of a person subject to licensure under Subtitle 5 of this title may use the surety bond of that person to meet the mortgage loan originator's surety bond requirement.
(2) A mortgage loan originator who is an employee of a person exempt from licensure under Subtitle 5 of this title may use a surety bond of the person to meet the mortgage loan originator's surety bond requirement, provided the surety bond meets the requirements, based on mortgage loan volume, under § 11-508 of this title.
(c) Affiliated insurance producer-mortgage loan originators.- A licensee who is an affiliated insurance producer-mortgage loan originator shall be deemed in compliance with this section if the licensee:
(1) Holds a surety bond that would satisfy the surety bond requirements under § 11-508 of this title if the affiliated insurance producer-mortgage loan originator were a licensee under Subtitle 5 of this title; or
(2) Is covered under a blanket surety bond held by the financial institution or mortgage lender licensee identified in § 11-603.1(a)(3) of this subtitle if the blanket surety bond:
(i) Covers all affiliated insurance producer-mortgage loan originators; and
(ii) Is in the amount of $1,000,000 or another amount as required by the Commissioner by regulation.
[2009, ch. 4.]