Code of Maryland Regulations
Title 09 - MARYLAND DEPARTMENT OF LABOR
Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION
Chapter 09.03.06 - Mortgage Lending
Section 09.03.06.07 - Financing Agreements
Universal Citation: MD Code Reg 09.03.06.07
Current through Register Vol. 51, No. 6, March 22, 2024
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.
Disclaimer: These regulations may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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