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LAWS OF MARYLAND

[Ch. 49

for "licensee." This conforms to the usage
previously adopted by the General Assembly
with respect to secondary mortgage loans in
Art. 66, §39 et seq. — the credit provisions
of which are now contained in Subtitle 4 of
this title. No change in substance is
intended, and §12-202, as well as Art. 58A,
§1, clearly expresses the requirement that,
unless exempt by law, a lender must be
licensed.

Paragraph (2) of this subsection is derived
without substantive change from the last
sentence of Art. 58A, §16(e).

(C)   LOAN.

"LOAN" MEANS ANY LOAN, USE, OR FOREBEARANCE OF
MONEY, GOODS, OR THINGS IN ACTION OR ANY LOAN, USE, OR
SALE OF CREDIT MADE UNDER THIS SUBTITLE.

REVISOR'S NOTE: This subsection is new language
which adopts without substantive change the
phrase presently appearing in Art. 58A,
§21(a). It is added to avoid undue repetition
of the terms contained in that section and to
conform the somewhat inconsistent present
language of Art. 58A; compare, e.g., §16(a)
("loan [of] any sum of money, goods or things
in action") with §1 ("loan of money, credit,
goods, or things in action") and §21(a).

The monetary limitation for loans made under
this subtitle is set out in §12—203.

(D)   PERSON.

"PERSON" INCLUDES AN INDIVIDUAL, CORPORATION,

BUSINESS TRUST, ESTATE, TRUST, PARTNERSHIP, ASSOCIATION,

TWO OR MORE PERSONS SAVING A JOINT OR COMMON INTEREST, OR
ANY OTHER LEGAL OR COMMERCIAL ENTITY.

REVISOR'S NOTE: This subsection is new language
setting forth a broad, standardized definition
of the word "person" as used in this article.
It is a synthesis of the U.C.C. definitions of
"person" and "organization" contained in
§1—201 (28) and (30) of this article, except
that the reference to "government or
governmental subdivision or agency" is not
included. This definition is in no way
intended to change the existing law, merely to
clarify it.