State Laws And Regulations

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Maryland Insurance Administration (MIA)

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Was created under the jurisdiction of the State Comptroller. As an independent state agency the MIA regulates Maryland Insurance industry.

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Fidelity Bond

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One that protect the employer from Employee Theft

Must maintain a blanket of 150,000

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Surety Bond

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Protects the public and must carry a blanket of 150,000

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Note: Penalty for acting without a license or appointment Misdemeanor, fine not to exceed 500 imprisonment not to exceed 6 months or both

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Note: Applicant must complete the Pre-licensing course approved by the Insurance Commissioner

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Title Ins. License expire 2 year for issuance date.

Title Ins. Licensee must complete 16 hours of Continue Education to include 3 hrs of ethics

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Note:

Test Application fee $70

For a Title Ins license and Business license you must submit a Uniform and/or Business application to the Insurance Commissioner and pay license fee of $54 each.

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NOTE: If license expire you have 1 year to reinstate by paying renewal fee of $54 and Reinstatement fee of $100 and must submit proof of completion of CE course

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Title Insurer have 30 day from appointing a TIPIC to include into the Register.

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Note: Title insurance produce or business entity that misappropriate funds is guilty of a misdemeanor and is subject to a fine not to exceed 50,000 or 1 year imprisonment or both

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Note: When a mortgage or deed is signed with a TIPIC must include Name, Address and license number of TIPIC and Name of Title Ins. producer business.

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Note: For violations Insurance commissioner can impose on the holder of license a penalty of $100 but not to exceed $500

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Note: All complaints regarding title insurer or business or TIP/TIPIC has acted outside of the Maryland law the consumer can file a complaint with the Insurance commissioner and the MIA.

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Note: The Governor of MD appoints the Insurance Commissioner of MIA for a term of 4 years. The Insurance Commissioner is responsible for the operation of MIA. Insurance Commissioner does not make laws only enforces the laws for annotated code of Maryland

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Statutory Notice must be included in binder which informs the purchaser of his/her option in regards to Owner title policy. The purchaser must either accept/decline by signing the statutory notice form. This form must be kept in records for 3 years but does not have to be recorded in land records.

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Referral Fee penalty: Not to exceed 6 month imprisonment, or a fine 1000 or both for each violation. Exception to rule is the Affiliated Business Arrangement AFBA under the RESPA ACT

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An Land Instrument Intake Sheet must be included with the recording of any deed, DOT mortgage, assignment of leasehold interest, easement agreement or right of way agreement.

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Maryland first time homebuyer does not pay transfer taxes. The Seller pays the State Transfer Tax

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Affidavit of:

Consideration - Non commercial Deed of Trust

Disbursement - Purchase money DOT, if missing upon recordation this will not be is not valid between parties or anyone else.

Certificate of preparation - All deed/deed of trust/mortgages/ recorded in MD must include COP

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Non-Resident withholding law: Non residents are subject to a withholding tax. Tax withholding payments are made to Maryland Department of Assessment and Taxation.

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RESPA is a consumer protection statute. the purpose is to help consumers become better shoppers for settlement services and eliminate kickback and referral fee that unnecessarily increase the cost of certain settlement services.