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WBK Industry News - State Regulatory Developments

Maryland Revises Several Laws in 2019

The Maryland legislature passed new legislation and revised other legislation throughout 2019. Below is a review of certain legislation due to take effect on October 1, 2019.

HB 425 increases the statute of limitations from three years to five years for claims against mortgage loan servicers for unfair, abusive, or deceptive trade practices as defined in the Maryland Consumer Protection Act.

SB 328 provides that a non-compete provision or conflict of interest provision in employment contracts with an employee whose compensation is equal to or less than $15 per hour or $31,200 annually will be null and void as being against public policy.

SB 20 eliminates an appraisal management company’s ability to remove an appraiser from its panel, or otherwise refuse to assign work to that appraiser, without any notice. Instead, AMCs’ must provide notice to an appraiser, and provide an opportunity for the appraiser to respond, when the AMC removes the appraiser from its panel or otherwise refuses to assign work to that appraiser.