(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 that is not a licensed location; (2) Conduct any business under the Maryland Consumer Loan Law under a name different from the licensed name; 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) A 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.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.