§ 11-521. Independent evidence of commercial purpose

Latest version.

   (a) Borrower to provide. -- 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) Independent investigation. -- 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.

HISTORY: 1989, ch. 476, § 3; 2009, ch. 4.

                    
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