§ 2-105.1. Regulations; multistate automated licensing systems.

   (a) Definitions. --

   (1) In this section the following words have the meanings indicated.

   (2) "Money transmission" has the meaning stated in § 12-401 of this article.

   (3) "Mortgage lender" has the meaning stated in § 11-501 of this article.

   (4) "Mortgage originator" has the meaning stated in § 11-601 of this article.

(b) Regulations. -- The Commissioner may adopt and enforce regulations reasonably necessary to carry out the authority and responsibility of the office of Commissioner.

(c) Multistate automated licensing systems. --

   (1) The Commissioner may participate in the establishment and implementation of a multistate automated licensing system for:

      (i) Mortgage lenders;

      (ii) Mortgage originators; and

      (iii) Persons who engage in money transmission.

   (2) To facilitate implementation of a multistate automated licensing system, the Commissioner may adopt regulations that waive or modify the requirements of:

      (i) Title 11, Subtitles 5 and 6 of this article with respect to mortgage lenders and mortgage originators; and

      (ii) Title 12, Subtitle 4 of this article with respect to persons who engage in money transmission.

HISTORY: 1996, ch. 326, § 2; 2008, ch. 7, § 2; ch. 8, § 2; 2009, ch. 4; 2012, ch. 78.