On Jul. 15, MD BANK proposed shared appreciation agreement rule.
MD BANK published in State register a proposed rule to adopt new Regulations .01 through.05 under new chapter, MD INS 09.03.15 on shared appreciation agreements.
Modernize consumer lending laws as result of adoption of HB 1150, Ch. 568, confirmed shared appreciation agreements subject to Maryland Mortgage Lender Law, #168895.
Proposed Amendments
Enhanced licensing regulations by adding definitions for certain undefined terms.
Added description of the required disclosures in shared appreciation agreements.
Specified that disclosures must include all information provided in Appendix A.
Procedures for calculation of a property value; description of ability to repay standard.
Consultation
Comments on proposed rule on shared appreciation agreements due by Aug. 12, 2024.
Nov. 2024 MD BANK Final Rule Adoption
On Nov. 15, 2024, MD BANK adopted new Regulations .01 to 05 under new chapter.
Final rule was adopted without any substantive changes for effect on Nov. 25, 2024.
Regulators
MD BANK
Entity Types
Bank; MG Orig; Thrift
Reference
MD SR Vol. 51, Is. 23, 11/15/2024; RF, 10/30/2024; Nt, 7/15/2024; RF 24-070-P, MD SR Vol. 51 Is. 14 p. 519, 7/12/2024
Functions
Actuarial and Valuation; Compliance; Financial; Legal; Operations; Product Administration; Reporting
