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Session Laws, 1937
Volume 412, Page 716   View pdf image (33K)
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716 LAWS OF MARYLAND. [CH. 359

Commissioner of Loans to determine whether the provisions
of this Article are being observed. Every such licensee shall
preserve the records of final entry used in such business, in-
cluding cards used in the card system, if any, for a period
of at least two years after the making of any loan recorded
therein.

SEC. 2. And be it further enacted. That two new sections
be and they are hereby added to said Article, one of said new
sections to be known as Section 10A, and to follow imme-
diately after Section 10 of said Article, and the other of said
new sections to be known as Section 16A and to follow im-
mediately after Section 16 of said Article, and all to read as
follows:

10A. For the purpose of enabling the Commissioner of
Loans to ascertain the general status and condition of the
combined business of the licensees under his jurisdiction, the
Commissioner of Loans may require of each licensee an
annual report in such form and setting forth such informa-
tion, relevant to the business and operations licensed here-
under, as he may prescribe. Any analyses or recapitulations
of such annual reports may be available for examination or
may be published, but the annual reports of licensees shall be
treated by the Commissioner of Loans as being confidential
information.

16A. No licensee shall take or procure any specific lien
upon real property or upon chattels real to secure the re-pay-
ment of any loan and any such lien that may be so taken in
violation of this provision shall be void. This provision, how-
ever, shall in no way apply to or affect any lien upon real
property or chattels real that may result from any judgment
obtained by any licensee through any action brought at law or
in equity based upon any loan otherwise secured or unsecured.

SEC. 3. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the imme-
diate preservation of public safety, and being passed upon a
yea and nay vote supported by three-fifths of all members
elected to each of the two Houses of the General Assembly,
the same shall take effect from the date of its passage.

Approved April 15, 1937.

CHAPTER 359.

AN ACT to add a new Article to the Annotated Code of Mary-
land (1924 Edition), to be known as Article 58B, to be
entitled "Loans—Procurers of", and to follow immediately

 

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Session Laws, 1937
Volume 412, Page 716   View pdf image (33K)
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