1188                           LAWS OF MARYLAND                     [CH. 484

The Bank Commissioner shall collect the amounts named from the
institution examined and pay the same to the State Treasurer, and
he shall draw, on proper orders, from the State treasury, the amount
necessary for the salaries and other expenses of his office.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved May 2, 1969.

CHAPTER 484
(Senate Bill 752)

AN ACT to repeal and re-enact, with amendments, Section 61A of
Article 81 of the Annotated Code of Maryland (1968 Supplement),
title "Banks and Trust Companies," subtitle "Mortgage Brokers
and Mortgage Bankers," to increase the annual registration fee
for mortgage brokers and bankers.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 61A of Article 81 of the Annotated Code of Maryland
(1968 Supplement), title "Banks and Trust Companies," subtitle
"Mortgage Brokers and Mortgage Bankers," be and it is hereby
repealed and re-enacted, with amendments, to read as follows: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)] one hundred dollars
($100.00) as such annual registration fee. The Commissioner is
hereby authorized, after public hearings conducted in accordance
with the provisions of the administrative procedures act, to estab-
lish 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
mortgage 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 without
a prior registration as such, said Commissioner shall be empowered
to summon such violator, if a person, or the officers or partners
thereof if the violator be a firm, partnership, corporation or associa-
tion, 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 Commis-
sioner is of the opinion that such action is in the public interest.
The Commissioner shall also have the power to refuse to grant a
reregistration 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.