The Maryland Commissioner of Financial Regulations has issued an Advisory Notice stating that the Commissioner will delay it's enforcement of the "higher-priced mortgage loans" until the Board of Governors of the Federal Reserve begins publishing the average prime offer rate. If the Board of Governors has not begun publishing the average prime offer rate by January 31, 2009, the Commissioner may promulgate an emergency regulation setting forth an alternative bench-mark to the average prime offer rate. A copy of the Advisory Notice may be viewed here.
