Md. Code Regs. 09.03.06.03

Current through Register Vol. 51, No. 8, April 19, 2024

Section 09.03.06.03 - Delivery and Receipt of Mortgage Disclosures

A. A licensee shall be deemed to have complied with a requirement under Commercial Law Article, Title 12, Subtitles 1, 3, 4, 8, 9, or 10, Annotated Code of Maryland, to provide a written disclosure or agreement within a specified time period after the date the loan application is completed if the mortgage disclosure or agreement is provided to an applicant in person, or placed in the mail, before the end of the time period specified in the applicable statute.

B. Electronic Disclosures.

(1) Mortgage disclosures required by Commercial Law Article, Title 12, Subtitles 1, 3, 4, 8, 9, 10, 12, or 13, Annotated Code of Maryland, may be provided to an applicant in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act ( 15 U.S.C. § 7001 et seq.) and the Maryland Uniform Electronic Transactions Act (Commercial Law Article, Title 21, Annotated Code of Maryland).

(2) For the purpose described in §A of this regulation, unless otherwise agreed between the licensee and an applicant, the time of sending and receipt of a mortgage disclosure sent as an electronic record shall be governed by Commercial Law Article, § 21-114, Annotated Code of Maryland.

Md. Code Regs. 09.03.06.03

Regulations .03, Code of Conduct_Mortgage Lenders, adopted as an emergency provision effective July 1, 1989 (16:14 Md. R. 1564); emergency status extended at 16:26 Md. R. 2782 (Emergency provisions are temporary and not printed in COMAR)
Regulations .03, Mortgage Lenders, adopted effective February 19, 1990 (17:3 Md. R. 297)
Regulation .03 amended as an emergency provision effective July 1, 2009 (36:15 Md. R. 1158); emergency status extended at 37:3 Md. R. 170; emergency status expired March 15, 2010
Regulation .03 amended effective March 15, 2010 (37:5 Md. R. 427)
Regulation .03A amended effective November 3, 2008 (35:22 Md. R. 1956)
Regulation .03I adopted effective November 3, 2008 (35:22 Md. R. 1956)
Regulation .03J adopted effective January 1, 2009 (35:26 Md. R. 2247); amended and recodified to .04 effective 46:19 Md. R. 813, eff. 10/4/2019