1. A. If a financial institution decides to offer the applicant a loan, it shall:

   1. (1) Provide the applicant and the Department with a commitment letter describing the terms and conditions of the loan, including the interest rate and fees charged by the financial institution; and
   2. (2) Certify to the Department on forms approved by the Department that the loan will meet the requirements of Regulation .03 of this chapter.

2. B. If a financial institution declines to offer the applicant a loan, it shall:

   1. (1) Notify the applicant and Department in writing; and
   2. (2) Comply with all State and federal requirements regarding the denial of a loan.

Authority: State Finance and Procurement Article, §§6-211 and 6-212, Annotated Code of Maryland

Effective date: October 22, 2007 (34:21 Md. R. 1913)

Regulation .01 amended effective September 1, 2014 (41:17 Md. R. 970)

Regulation .02B amended effective September 1, 2014 (41:17 Md. R. 970)

Regulation .03A amended effective September 1, 2014 (41:17 Md. R. 970)

Regulation .04A amended effective September 1, 2014 (41:17 Md. R. 970)

Regulation .05 repealed and new Regulation .05 adopted effective November 2, 2009 (36:22 Md. R. 1722)

Regulation .05B, C amended effective September 1, 2014 (41:17 Md. R. 970)

Regulation .08 amended effective September 1, 2014 (41:17 Md. R. 970)

Regulation .08D adopted effective November 2, 2009 (36:22 Md. R. 1722)