Md. Code Ann., Fin. Inst. § 11-521
Evidence of commercial purpose of loan
Effective Jul 1, 2009Added by Acts 1989, c. 476, § 3, eff. July 1, 1989. Amended by Acts 2009, c. 4, § 1, eff. July 1, 2009.State of Maryland
(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.
Added by Acts 1989, c. 476, § 3, eff. July 1, 1989. Amended by Acts 2009, c. 4, § 1, eff. July 1, 2009.