Md. Code, Commercial Law § 12-1205
This is the official text of Md. Code, Commercial Law § 12-1205, part of Maryland’s Code, Commercial Law — governs commercial transactions - Maryland's version of the Uniform Commercial Code.
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§12–1205.
Official statutory text
(a) A reverse mortgage loan that is not insured under 12 U.S.C. § 1715z–20 is not subject to the provisions in 12 U.S.C. § 1715z–20, or in any regulations or guidance adopted under 12 U.S.C. § 1715z–20, that:
(1) Limit origination fees to $6,000 as adjusted under 12 U.S.C. § 1715z–20(r);
(2) Impose maximum claim amounts or other loan limit restrictions; or
(3) Require government insurance for the loan.
(b) A lender or an arranger of financing is not subject to the federal regulatory approval requirements of 24 C.F.R., Part 202 when making or arranging a reverse mortgage loan that is not insured under 12 U.S.C. § 1715z–20.
(1) Limit origination fees to $6,000 as adjusted under 12 U.S.C. § 1715z–20(r);
(2) Impose maximum claim amounts or other loan limit restrictions; or
(3) Require government insurance for the loan.
(b) A lender or an arranger of financing is not subject to the federal regulatory approval requirements of 24 C.F.R., Part 202 when making or arranging a reverse mortgage loan that is not insured under 12 U.S.C. § 1715z–20.
Status: in_force · Read it on the official government site
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