MARVIN MANDEL, Governor

399

(E) WAGES.

"WAGES" [[HAS THE MEANING STATED IN §3121 OF THE
FEDERAL INTERNAL REVENUE CODE]] MEANS ALL REMUNERATION
PAID TO ANY EMPLOYEE FOR HIS EMPLOYMENT, INCLUDING THE
CASH VALUE OF ALL REMUNERATION PAID IN ANY MEDIUM OTHER
THAN CASH..

REVISOR'S NOTE: This subsection is new language
designed to standardise the use of the term
"wages" in this article. It is derived from
Internal Revenue Code §3121, 26 U.S.C, §3121.

12-202. LICENSE REQUIRED UNLESS EXEMPT.

A PERSON MAY NOT MAKE A LOAN UNDER THIS SUBTITLE
UNLESS HE IS LICENSED UNDER OR IS EXEMPT FROM THE
LICENSING REQUIREMENTS OF THE MARYLAND SMALL LOAN LAW -
LICENSING PROVISIONS.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from Art.
58A, §1. It is repeated here to note the
general requirement of licensure for waking
loans under this subtitle. The specific
licensing requirements are retained in the
cited Maryland Small Loan Law — Licensing
Provisions, Art. 58A, §§ 1 et seq., pending
future revision and inclusion in the proposed
Business Regulation Article.

A reference to persons "exempt" from licensing
is added to reflect the fact that there are
those who are permitted to make loans without
first obtaining a license. In this regard, see
the last sentence of Art. 58A, §1; see, also,
Commissioner of Small Loans v. First National
Bank of Maryland. 268 Md. 305 (1973), where
the Court of Appeals held that, under federal
law, national banks are permitted to make
small loans without a State license, even
though State law prohibits banks generally
from obtaining licenses and from making loans.

With respect to the division of present Art.
58A, see general revisor's note to this
subtitle. With respect to the re—adoption of
the name "Small Loan Law," see revisor's note
to §12-214.

The General Assembly may wish to compare the
language of this section ("...may not make a
loan") with that of its counterpart in
Subtitle 3 (§12-302: "...may not engage in the