On May 15, 2014, Maryland Governor Martin O’Malley approved a Maryland Senate Bill that will expedite the state mortgage loan originator (MLO) licensing process for MLOs registered under the SAFE Act to perform mortgage loan origination activities for depository lenders.
The law requires the Maryland Office of the Commissioner of Financial Regulation (OCFR) to waive criminal history records checks for registered MLOs who have been employed within 45 days before the date of application for a Maryland state MLO license. The law also directs the OCFR to publish instructions regarding the expedited process on the OCFR website or relevant third-party website. The new provisions will make it easier for MLOs to transition their employment from depository lenders regulated by the federal government to non-depository lenders regulated at the state level.
The new law goes into effect October 1, 2014.