A Maryland business acted as a mortgage lender before licensing and now files an application in 2026. What surcharge must accompany the application because of the prior unlicensed activity?
Correct Answer
C) A nonrefundable surcharge of $500 accompanies the application
In addition to any sanctions the Commissioner may impose, a nonrefundable surcharge of $500 shall be paid with an application if the applicant has begun acting as a mortgage lender without a license, and by a licensee that has acted at a location that is not a licensed location. Other choices: the statute contemplates the application proceeding; the figure is $500; and stopping does not remove it. Source: Md. Fin. Inst. § 11-507(d)
Why This Is the Correct Answer
In addition to any sanctions the Commissioner may impose, a nonrefundable surcharge of $500 shall be paid with an application if the applicant has begun acting as a mortgage lender without a license, and by a licensee that has acted at a location that is not a licensed location. Other choices: the statute contemplates the application proceeding; the figure is $500; and stopping does not remove it. Source: Md. Fin. Inst. § 11-507(d)
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