(a) A person may not:
(1) Receive any application for a loan or allow any note or contract for a loan to be signed at any place of business for which the person does not have a license;
(2) Conduct any business under the Maryland Consumer Loan Law under a name different from the name that appears on the person’s license; or
(3) Evade the application of this section by any device, subterfuge, or pretense of any kind.
(b) This section does not prohibit a licensee from accommodating a borrower, at the borrower’s request, by making a loan by mail because of the borrower’s sickness or hours of employment or for similar reasons.
(c) Notwithstanding subsections (a) and (b) of this section, for a loan that is to be secured by residential real property:
(1) A licensee may solicit and accept an application for a loan:
(i) By mail;
(ii) By telephone or other electronic means; or
(iii) At any location requested by the prospective borrower;
(2) Except as provided in item (3) of this subsection, the loan closing shall be conducted at:
(i) The lender’s licensed location;
(ii) The office of an attorney representing the licensee, the borrower, the title company, or title insurer in connection with the loan; or
(iii) The office of the title insurer or title agency performing closing services in connection with the loan; and
(3) A licensee may conduct the loan closing at another location at the written request of the borrower or the borrower’s designee to accommodate the borrower because of the borrower’s sickness.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.