§ 12-1205. Inapplicability of federal provisions -- Uninsured loans.

MD Comm L Code § 12-1205 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(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.