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MAMP
Legislative Report - June 2008
The
2008 General Assembly Session was a busy one.
The MAMP Legislative Committee was put to the
test in Annapolis in its attempts to protect the
mortgage industry.
The administration was able to pass four bills
this session regarding homeownership and the mortgage
industry. All of these bills came out of the work
of the Maryland Homeownership Preservation Task
Force, of which MAMP was a member. We were also
invited to contribute to the Attorney General's
workgroup regarding the mortgage industry. Numerous
meetings were held and the document produced by
the Task Force contained consensus recommendations
from a variety of industry players and consumer
advocates. Unfortunately, the bills that were
put forth this session went far beyond what was
agreed upon in the Task Force.
After numerous meetings, letters, and hearings
our voices were heard and acceptable compromises
were reached. The resulting legislation is ten
times better than how it started out. The new
laws seek to protect consumers while recognizing
the benefits that ethical mortgage professionals
bring to the industry.
Click
here to download a summary of the new
laws. Links to the full law text can be found
below.
To end on a bit of good news, the association
has been included in two other task forces this
summer. The first will study how to improve Financial
Literacy in the state and the second is set to
examine the Title Insurance industry. MAMP will
be the only industry representative sitting on
the Financial Literacy task force. Hopefully,
this group will produce recommendations for positive
legislation for the 2009 General Assembly Session.
If you have any questions about the new laws please
contact the MAMP Director of Legislative Services,
Megan Mason, at meganmason@assnhqtrs.com.
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720
Light St., Baltimore, MD 21230
TEL: (410) 752-6262 | FAX: (410) 752-8295
EMAIL: MAMP@assnhqtrs.com
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