PARRIS N. GLENDENING, Governor                             Ch. 588

(II)    THE loan is secured by a lien on residential real property[;
however, all such charges may not exceed 2 percent of the original extension of credit or
4 percent of the original extension of credit for a commercial loan not exceeding
$75,000]; AND

(III)   THE CHARGES ARE DISCLOSED TO THE BORROWER IN
ACCORDANCE WITH THE FEDERAL TRUTH IN LENDING ACT; and

(3) The limitations imposed by [paragraphs (1) and] PARAGRAPH (2) of
this subsection do not apply to a credit extension[:

(i) Secured by a first lien on residential real property; or

(ii) Made] MADE for a bona fide commercial purpose [in excess of
$75,000].

SECTION 2. AND BE IT FURTHER ENACTED, That:

(a) There is a Task Force to Examine the Mortgage Lending Business.

(b) The Task Force consists of the following 17 members:

(1) Two members of the Senate of Maryland, appointed by the President of
the Senate;

(2) Two members of the House of Delegates, appointed by the Speaker of
the House;

(3)     The Commissioner of Financial Regulation in the Department of Labor,
Licensing, and Regulation, or the Commissioner's designee;

(4)     One representative of the Attorney General's Office, designated by the
Attorney General; and

(5)     Eleven members appointed jointly by the President of the Senate and
the Speaker of the House of Delegates as follows:

(i) Two representatives of the mortgage loan industry who are actively
engaged in the business of making mortgage loans, who may be selected from a list of
names submitted by the Maryland Mortgage Bankers Association;

(ii) Two representatives of the mortgage loan industry who are actively
engaged in the business of mortgage brokering, who may be selected from a list of names
submitted by the Maryland Association of Mortgage Brokers;

(iii) One representative of the banking industry who is actively engaged
in the banking, savings banking, or savings association business, who may be selected from
a list of names submitted by the Maryland Bankers Association;

(iv) Two representatives of financial services companies who are
actively engaged in the business of mortgage secured consumer loans, who may be
selected from a list of names submitted by the Maryland Financial Services Association;
and

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