Md. Code Regs. 05.13.05.06

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.13.05.06 - Financial Institution Application

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

(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) Certify to the Department on forms approved by the Department that the loan will meet the requirements of Regulation .03 of this chapter.

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

(1) Notify the applicant and Department in writing; and

(2) Comply with all State and federal requirements regarding the denial of a loan.

Md. Code Regs. 05.13.05.06