WILLIAM DONALD SCHAEFER, Governor

Ch. 530

that a licensee under the Maryland Secondary Mortgage Loan
Law must comply with certain provisions governing mortgage
brokers and mortgage bankers if the licensee acts as a
mortgage broker or mortgage banker; providing that certain
enforcement powers be vested in the Commissioner of Consumer
Credit against persons licensed under the Maryland Secondary
Mortgage Loan Law; making this Act an emergency measure;
providing for the termination of this Act; providing that
the wording of certain sections of the Annotated Code be
restored after the termination of this Act; and generally
relating to regulation of persons making first mortgage
loans acting as mortgage brokers and mortgage bankers.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 12-502(a) 12-502

Annotated Code of Maryland

(1986 Replacement Volume and 1987 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

12-502.

(a) The provisions of this subtitle do not apply to:

(1)  Any bank, trust company, or savings bank;

(2)  Any savings and loan association;

(3)  Any credit union;

(4)  Any insurance company;

(5)  Any licensee under the Maryland Consumer Loan
Law; OR

(6)  [ Any SUBJECT TO SUBSECTION (B) OF THIS SECTION,
ANY licensee under the Maryland Secondary Mortgage Loan Law; or

(7)] Any person who makes or brokers less than 3
loans secured by a first mortgage or other lien on real property
per year.

(B) (1) ANY LICENSEE UNDER THE MARYLAND SECONDARY MORTGAGE
LOAN LAW WHO ACTS AS A MORTGAGE BANKER OR MORTGAGE BROKER SHALL
BE SUBJECT TO THE PROVISIONS OF THIS SUBTITLE, EXCEPT §§ 12-503
THROUGH 12-506 OF THIS SUBTITLE.

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