Ch. 341                            LAWS OF MARYLAND

Article - Financial Institutions
Section 12-512
to be Section 12-513
Annotated Code of Maryland
(1986 Replacement Volume)

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 12-501
Annotated Code of Maryland
(1986 Replacement Volume)

BY adding to

Article - Financial Institutions
Section 12-512

Annotated Code of Maryland -
(1986 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 12-512 of Article - Financial
Institutions of the Annotated Code of Maryland be renumbered to
be Section(s) 12-513.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article - Financial Institutions

12-501.

(a) In this subtitle, the following words have the meanings
indicated.

(B)   "BORROWER" MEANS A PERSON WHO MAKES APPLICATION, WITH A
LICENSEE UNDER THIS SUBTITLE, FOR A LOAN SECURED BY A MORTGAGE OR
OTHER LIEN ON REAL PROPERTY A 1 TO 4 FAMILY HOME TO BE OCCUPIED
BY THE BORROWER AS THE BORROWER'S PRIMARY RESIDENCE.

(C)  "FINANCIAL FINANCING AGREEMENT" MEANS A WRITTEN
AGREEMENT BETWEEN A BORROWER AND A LICENSEE UNDER THIS SUBTITLE
WHICH SETS FORTH THE TERMS OF A LOAN BEING OFFERED OR EXTENDED TO

THE BORROWER.

(D) "COMMITMENT" MEANS A WRITTEN, SPECIFIC, BINDING
AGREEMENT BETWEEN A BORROWER AND A LICENSEE UNDER THIS SUBTITLE
WHICH SETS FORTH THE TERMS OF A LOAN BEING EXTENDED TO THE
BORROWER.

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