Housing and Community Development

Suggested State Legislation: This Act creates a mortgage fraud statute with criminal penalties and authorizes the state Attorney General to take action to enforce the statute. The bill also authorizes a private right of action for violations of the statute in specified circumstances. Sections about seizing and disposing property involved with mortgage fraud can be found in the Maryland law but are excluded from this SSL draft.

Suggested State Legislation: This Act allows the state to participate in the National Mortgage Licensing System that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators are implementing under a Uniform Mortgage Licensing Project.

Suggested State Legislation: According to a Maryland Legislative Services Fiscal Note, Maryland Chapter 509 of 2005 provides some protection for homeowners who deal with foreclosure “rescuers.” It requires “foreclosure consultants” enter into consulting contracts with homeowners that lay out the terms of their agreements, give disclosures, and affords basic consumer protections such as a three-day rescission period.

Suggested State Legislation: The Uniform Real Property Electronic Recording Act (URPERA) builds upon the work begun in the Uniform Electronic Transactions Act (UETA), and the Electronic Signatures In Global and National Commerce Act (E-Sign; 15 U.S.C. 7001 et seq.) by expressly authorizing land records officials to begin accepting records in electronic form, store electronic records, and set up systems for searching for and retrieving these land records.

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