890                             LAWS OF MARYLAND                       CH. 478

the sanction and auspices of Maryland State Fair Board. The said
racing meets shall be held generally in compliance with the pro-
visions of this article except as otherwise specified in this section.
Pari-mutuel betting as carried on generally throughout this State
shall be permitted on the said [two] days [for steeplechase racing]
OF RACING AUTHORIZED BY THIS SECTION. The operator
of the racing meet shall return to the winning patrons wagering
sums on races all sums so wagered less an amount equal to the sum of
[12%] 14% 15% 14% of the total amount so wagered plus the break-
age. A sum equal to 5% 6% 5% of the total amount wagered, said
5% 6% 5% being part of the [12%] 14% 15% 14% above referred to
PLUS ALL THE BREAKAGE COMPUTED TO THE TEN CENTS
(10¢) PROVIDED, HOWEVER, THAT THE DEFICIT ON ANY
MINUS POOL SHALL BE DEDUCTED FROM SUCH BREAKAGE
BEFORE IT IS PAID TO THE COMMISSION, AND PROVIDED
SUCH MINUS POOL IS NOT IMPROPERLY CREATED
BY THE LICENSEE OR THEIR AGENTS, shall be paid
over to the State Racing Commission, and by the Racing Commis-
sion to the State Comptroller, to be added to the general funds of
the State. All profits derived under the provisions of this section
by the Cecil County Breeders' Fair, Inc., whether from the opera-
tion of pari-mutuel betting or from admission charges or other
receipts less all proper expenses for operating said meet shall be
paid over to the Union Hospital of Cecil County, Maryland. No
officer of the Cecil County Breeders' Fair, Inc., shall receive any
salary or dividends by virtue of the operation of the said [steeple-
chase] racing.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved May 7, 1968.

CHAPTER 478
(House Bill 702)

AN ACT to add new Section 61A to Article 11 of the Annotated
Code of Maryland (1957 Edition), title "Banks and Trust Com-
panies," to follow immediately after Section 61 thereof and to be
under the new subtitle "Mortgage Brokers and Mortgage Bankers,"
to require those persons or organizations trading or acting as
mortgage brokers or those otherwise defined as mortgage bankers
to register with the State Bank Commissioner and to pay an annual
registration fee thereto, to authorize the Commissioner to estab-
lish a code of conduct and standard of ethics for such mortgage
brokers and mortgage bankers and to conduct hearings for cause
concerning such code and standard, to provide the Commissioner
with the power to suspend or revoke a registration or to refuse
to grant a re-registration for cause for such mortgage brokers
and mortgage bankers, and relating generally to the establish-
ment of control over such mortgage brokers and mortgage bankers
in the State Bank Commissioner.