MAMB Legislative Report - June 2008

The 2008 General Assembly Session was a busy one. The MAMB 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 MAMB 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. MAMB 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 MAMB Director of Legislative Services, Megan Mason, at meganmason@assnhqtrs.com.

MAMB would like to thank it's Gold Partners in Education for their continued support:

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EMAIL: MAMB@assnhqtrs.com