Maryland rule threatens agents with $5,000 fine
Agents concerned about a rule in Maryland that threatens to fine them $5,000 for non-compliance can rest easy recommending Federal Title to their clients. We are fully licensed and all of our licenses are up-to-date.
Visit federaltitle.com/verify any time to verify our licenses for yourself. And please feel free to share the link at your discretion.
For your information, here is the gist of the new regulation that outline the responsibilities of agents who refer their clients to third-party services:
- Make a referral in writing
- Verify that the service provider has a current state license
- Provide the date on which the agent last checked the state-licensing database
- Provide an electronic link to the licensing record
All referrals provided in connection with “the provision of real estate brokerage services” are affected by the regulation, according to the Washington Post.
"This regulation’s broad scope includes, but is not limited to, referrals to mortgage lenders, mortgage brokers, real estate appraisers, home inspectors, home improvement contractors, plumbers, electricians, heating, ventilation and air-conditioning contractors, and all others who are required to be licensed," according to the Post.
As always, we're looking out for the best interest of our real estate agents and their clients. If you have questions about Federal Title's licenses, please let us know.