Section 590-B. Responsibilities

1. Each mortgage broker shall, in addition
  to the duties imposed by otherwise applicable provisions  of  state  and
  federal law, with respect to any transaction, including any practice, or
  course  of  business  in  connection  with the transaction, in which the
  mortgage broker solicits, processes, places or negotiates a home loan:
    (a) act in the borrower's interest;
    (b) act with reasonable skill, care and diligence;
    (c) act in good faith and with fair dealing;
    (d) not accept, give, or charge any undisclosed compensation, directly
  or indirectly, that inures  to  the  benefit  of  the  mortgage  broker,
  whether or not characterized as an expenditure made for the borrower;
    (e)  clearly disclose to the borrower, not later than three days after
  receipt of the loan application, all material information  as  specified
  by   the   superintendent  that  might  reasonably  affect  the  rights,
  interests, or ability of the borrower to receive the borrower's intended
  benefit from the home loan, including total compensation that the broker
  would receive from any of the loan options that the lender  or  mortgage
  broker presents to the borrower; and
    (f)  diligently  work  to  present  the  borrower with a range of loan
  products  for  which  the  borrower  likely  qualifies  and  which   are
  appropriate   to   the   borrower's  existing  circumstances,  based  on
  information known by, or obtained in good faith by, the broker.
    2. No lender or mortgage broker shall improperly influence or  attempt
  to  improperly influence the development, reporting, result or review of
  a real estate appraisal relating to real property securing a home  loan,
  provided that it shall not be a violation of this prohibition to:
    (a)  ask  an  appraiser  to  consider  additional  information about a
  borrower's principal dwelling or about comparable properties;
    (b) request that an appraiser provide additional information about the
  basis for a valuation;
    (c) request that an appraiser correct factual errors in a valuation;
    (d) obtain multiple appraisals of a borrower's principal dwelling,  so
  long  as  the lender or mortgage broker adheres to a policy of selecting
  the most reliable appraisal, rather than the appraisal that  states  the
  highest value;
    (e)  withhold compensation from an appraiser for breach of contract or
  substandard performance of services;
    (f) terminate a relationship  with  an  appraiser  for  violations  of
  applicable  state  or federal law or breaches of ethical or professional
  standards; and
    (g) take action permitted or required by applicable state  or  federal
  statute, regulation, or agency guidance.
    3.  Any  mortgage  broker found by a preponderance of evidence to have
  violated subdivision one  of  this  section,  shall  be  liable  to  the
  borrower for actual damages.
    4.  Any lender or mortgage broker found by a preponderance of evidence
  to have violated subdivision two of this section, shall be liable to the
  borrower for actual damages.
    5. A borrower may be granted injunctive, declaratory, and  such  other
  equitable  relief as the court deems appropriate in an action to enforce
  compliance with this section.
    6. A court may also award reasonable attorneys' fees to  a  prevailing
  borrower in a foreclosure action.
    7.  The  attorney  general  or  the  superintendent  may  enforce  the
  provisions of this section.
    8. The remedies provided in this section are not intended  to  be  the
  exclusive remedies available to a borrower.