SPIRO T. AGNEW, Governor                          891

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 61A be and it is hereby added to Article 11 of
the Annotated Code of Maryland (1957 Edition), title "Banks and
Trust Companies," to follow immediately after Section 61 thereof
and to be under the new subtitle "Mortgage Brokers and Mortgage
Bankers," and to read as follows:

61A.

Any person, firm, partnership, corporation or association trading
or acting as a mortgage broker, or otherwise defined as a mortgage
banker, shall be required in order to trade or act in such business
to register annually with the State Bank Commissioner and to pay
thereto the sum of fifty dollars ($50.00) as such annual registration
fee. The Commissioner is hereby authorized, AFTER PUBLIC HEAR-
INGS CONDUCTED IN ACCORDANCE WITH THE PROVISIONS
OF THE ADMINISTRATIVE PROCEDURES ACT, to establish a
Code of Conduct and a Standard of Ethics to govern and direct such
mortgage brokers and mortgage bankers in their functions as such.
Where the Commissioner finds that any mortgage broker or mort-
gage banker is in violation of a provision of the Code of Conduct
or Standard of Ethics established under the authority granted herein,
or that any person, firm, partnership, corporation or association
is trading or acting as a mortgage broker or mortgage banker with-
out a prior registration as such, said Commissioner shall be em-
powered to summon such violator, if a person, or the officers or part-
ners thereof if the violator be a firm, partnership, corporation or
association, to a hearing before said Commissioner to be governed
by the Administrative Procedures Act. The Commissioner shall have
the power to suspend or revoke a registration as a mortgage broker
or mortgage banker following such hearing if, for cause, the Com-
missioner is of the opinion that such action is in the public inter-
est. The Commissioner shall also have the power to refuse to grant
a re-registration of such mortgage broker or mortgage banker, and
the person, firm, partnership, corporation or association so refused
shall have the right to a hearing before said Commissioner to be
governed by the Administrative Procedures Act.

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

Approved May 7, 1968.

CHAPTER 479
(House Bill 1215)

AN ACT to add new Section 150A to Article 23 of the Annotated
Code of Maryland (1966 Replacement Volume and 1967 Supple-
ment), title "Corporations", subtitle "Particular Classes of Corpo-
rations," subheading "Building or Homestead Associations," to
follow immediately after Section 150 thereof to require all savings
and loan associations and building associations to be members of
a federal insurance corporation or a State insurance corporation on
and after July 1, 1973.