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2762 LAWS OF MARYLAND [Ch. 574
(1972 Replacement Volume and 1974 Supplement)
BY repealing and re—enacting, with amendments,
Article — Commercial Law
Section 12-401(c), 12-401(j) and 12-404 (c)
Annotated Code of Maryland
(As enacted by Chapter___(HB26) of the Acts of the
General Assembly of 1975)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 40(a), 40(b-1) and 41 of Article
66 - Mortgages, of the Annotated Code of Maryland (1972
Replacement Volume and 1974 Supplement) be and they are
hereby repealed and re—enacted, with amendments, to read
as follows:
Article 66 — Mortgages
40.
In this subtitle, unless the context otherwise
requires, the following words shall have the following
meanings:
(a) "Secondary mortgage loan" means a loan OR
DEFERRED PURCHASE PRICE secured in whole or in part by
mortgage, deed of trust, security agreement or other lien
on real estate situate in this State which property is
subject to the lien of one or more prior encumbrances,
other than a ground rent or other leasehold interest,
having thereon a dwelling designed principally as a
residence with accommodations for not more than four
families. For the purpose of this subtitle, any person
who ordinarily requires the signing of a confessed
judgment note or consent judgment for the purposes of
acquiring a lien on any real estate described herein or
who requires a sale and leaseback of such property for
such purposes shall be deemed to have made a loan secured
by a lien on the real estate situate in this State.
"Secondary mortgage loan" shall not mean a loan to any
corporation unless the lender required the borrower to
incorporate as a condition for obtaining the loan, [[NOR
SHALL IT MEAN]] OR A LOAN FOR ANY BUSINESS PURPOSE OR
COMMERCIAL INVESTMENT [[LOAN]] IN EXCESS OF $5.000.
(b-1) "Lender" means a licensee or a person making
A secondary mortgage [loans in the regular course of
business but] LOAN WHO IS EXPRESSLY exempted from
licensing by $41 of this article.
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