2568                                         LAWS OF MARYLAND                      [Ch. 744

States regulating the power of such institution to engage
in mortgage loan transactions shall make or negotiate, or
offer to make or negotiate, any secondary mortgage loan
in the regular course of business unless he or his
broker, agent or other representative shall have first
obtained a license from the Commissioner as provided for
by this subtitle. Nothing in this subtitle shall prevent
any of the persons exempted from licensing by this
section from engaging in the acts authorized by this
subtitle, unless such persons are prohibited from
engaging in such acts by any law other than as contained
in this subtitle. PERSONS EXEMPTED FROM LICENSING BY
THIS SECTION BY VIRTUE OF MAKING LESS THAN TEN SECONDARY
MORTGAGE LOANS IN ANY CALENDAR YEAR NOT IN THE REGULAR
COURSE OF HIS BUSINESS AND ONLY TO AID IN THE SALE OF HIS
RESIDENCE SHALL OTHERWISE BE BOUND BY THE PROVISIONS OF
THIS SUBTITLE AND ENTITLED TO THE BENEFITS CONTAINED IN
IT. A person shall be deemed to be acting in the regular
course of business if he makes or negotiates in any
calendar year more than ten secondary mortgage loans
which bear interest at any rate greater than six percent
(6%) per annum of the descending balance or which provide
for any charges of whatever nature in excess of those
allowed by § 62 of this article. [[A PERSON MAY NOT BE
DEEMED TO BE ACTING IN THE REGULAR COURSE OF BUSINESS AND
HE MAY CHARGE 12 PERCENT INTEREST IF HE MAKES OR
NEGOTIATES IN ANY CALENDAR YEAR TEN, OR LESS THAN TEN,
SECONDARY MORTGAGE LOANS, NOT IN THE REGULAR COURSE OF
BUSINESS, AND ONLY TO AID IN THE SALE OF HIS RESIDENCE.]]
A nonprofit religious or charitable organization making
any secondary mortgage loan shall not be considered to be
acting in the regular course of business, of making such
loans under this section.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1974.

Approved May 31, 1974.

CHAPTER 745
(House Bill 829)
AN ACT concerning

Kent, Queen Anne's
and Caroline Counties — Promotional Games and Contests

FOR the purpose of including Kent, Queen Anne's and
Caroline Counties among those counties exempted from