Md. Code, Financial Institutions § 11-521
This is the official text of Md. Code, Financial Institutions § 11-521, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§11–521.
Official statutory text
(a) A mortgage lender shall require a borrower to provide the mortgage lender with independent evidence of the commercial purpose of the loan where the loan is:
(1) Secured, in whole or in part, by any interest in a dwelling or residential real estate in Maryland; and
(2) In excess of $75,000.
(b) Other than the requirements of subsection (a) of this section, a mortgage lender is not required to make an independent investigation to obtain independent evidence of the commercial purpose.
(1) Secured, in whole or in part, by any interest in a dwelling or residential real estate in Maryland; and
(2) In excess of $75,000.
(b) Other than the requirements of subsection (a) of this section, a mortgage lender is not required to make an independent investigation to obtain independent evidence of the commercial purpose.
Status: in_force · Read it on the official government site
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