MARVIN MANDEL, Governor                             419

CASH VALUE OF ALL REMUNERATION PAID IN ANY MEDIUM OTHER
THAN CASH.,

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

12-302. LICENSE REQUIRED UNLESS EXEMPT.

A PERSON MAY NOT ENGAGE IN THE BUSINESS OF MAKING
LOANS UNDER THIS SUBTITLE UNLESS HE IS LICENSED UNDER OR
IS EXEMPT FROM THE LICENSING REQUIREMENTS OF THE MARYLAND
CONSUMER LOAN LAW - LICENSING PROVISIONS.

REVISOR'S NOTE: This subsection is new language
derived without substantive changes from Art.
11, §165. It is repeated here to note the
general requirement of licensure for salting of
loans under this subtitle. The specific
licensing provisions are retained in the cited
Maryland Consumer Loan Law — Licensing
Provisions, Art. 11, §§ 163 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
Art. 11, §§ 165 and 166. 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 under Art. 58A (Subtitle 2 of this
title) without a State license, even though
State law prohibits banks generally from
obtaining small loan licenses and from making
these loans; there is no reason to suppose
that this decision of the Court of Appeals
would not apply equally well to loans under
this subtitle.

With respect to the division of present Art.
11, §§ 163 through 206, see general revisor's
note to this subtitle. With respect to
adoption of the name "Consumer Loan Law," see
revisor's note to §12—316.

The General Assembly may wish to compare the
language of this section ("...may not engage
in the business of making loans") with that of
its counterpart in Subtitle 2 ("...may not