1. (a) In this section, “residential property” means real property improved by four or fewer single family dwelling units that are designed principally and are intended for human habitation.

2. (b) When recorded, a mortgage, deed of trust, or any other instrument securing a mortgage loan on residential property shall contain:

   1. (1)

      1. (i) The name and Maryland mortgage originator license number of the mortgage originator that originated the loan secured by the instrument; or
      2. (ii) An affidavit by the person that originated the mortgage loan secured by the instrument that the individual who originated the loan is exempt from the licensing requirement under Title 11, Subtitle 6 of the Financial Institutions Article; and

   2. (2)

      1. (i) The name and Maryland mortgage lender license number of the mortgage lender that made the loan secured by the instrument; or
      2. (ii) An affidavit by the lender that made the mortgage loan secured by the instrument that the lender is exempt from the licensing requirement under Title 11, Subtitle 5 of the Financial Institutions Article.

3. (c) The Commissioner of Financial Regulation shall adopt regulations to implement the provisions of this section, including:

   1. (1) Minimum requirements for the inclusion of licensing information when a mortgage, deed of trust, or other instrument securing a mortgage loan on residential property is recorded; and
   2. (2) Consequences, including penalties, for the failure to include licensing information when a mortgage, deed of trust, or other instrument securing a mortgage loan on residential property is recorded.

Added by Acts 2008, c. 1, § 1, eff. April 3, 2008; Acts 2008, c. 2, § 1, eff. April 3, 2008. Amended by Acts 2009, c. 691, § 1, eff. Oct. 1, 2009; Acts 2009, c. 692, § 1, eff. June 1, 2009.