Md. Code Regs. 09.03.06.07

Current through Register Vol. 51, No. 12, June 14, 2024

Section 09.03.06.07 - Financing Agreements

A. For purposes of Commercial Law Article, 12-125, 12-922, and 12-1022, Annotated Code of Maryland:

(1) An application is completed at the time of initial application;

(2) Settlement occurs when the loan proceeds are disbursed by the person conducting settlement to the borrower or to third parties as required by the lender's instructions;

(3) Settlement has not occurred when the loan proceeds are disbursed from the lender to the custody of an escrow agent pending expiration of a time period during which the borrower is entitled by statute to rescind the loan.

B. In a loan transaction where there is a separate broker and lender, only one financing agreement need be provided to the applicant.

C. A financing agreement need not be provided under Commercial Law Article, amp;pound;§ 12-125, 12-922, or 12-1022, Annotated Code of Maryland, if within 10 business days after initial application the:

(1) Loan is closed; or

(2) Applicant receives a written commitment.

Md. Code Regs. 09.03.06.07

Regulations .07, 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 .07, Mortgage Lenders, adopted effective February 19, 1990 (17:3 Md. R. 297)
Regulation .07B amended effective March 15, 2010 (37:5 Md. R. 427)
Regulation .07D adopted effective November 3, 2008 (35:22 Md. R. 1956); amended and recodified from .06 effective 46:19 Md. R. 813, eff. 10/4/2019