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LAWS OF MARYLAND

[Ch. 49

"LENDER" MEANS:

(1)       A LICENSEE; OR

(2)       A PERSON WHO MAKES A SECONDARY MORTGAGE
LOAN BUT IS EXEMPT FROM THE LICENSING REQUIREMENTS OF THE
MARYLAND SECONDARY MORTGAGE LOAN LAW - LICENSING
PROVISIONS.

REVISOR'S NOTE: This subsection presently appears as
Art. 66, §40(b-1).

The phrase "in the regular course of business"
is deleted as unnecessary in light of the
requirements of §12—402(a) and as inconsistent
with Art. 66, §41, as amended by Ch. 744, Acts
of 1974, to permit certain unlicensed persons
to make loans under this subtitle not in the
regular course of business.

The added reference to "Licensing Provisions"
results from the division of the material
relating to secondary mortgage loans; in this
regard see general revisor's note to this
subtitle.

The only other changes are in style.

As to persons exempt from licensing, see Art.
66, §41.

(D)       LICENSEE.

"LICENSEE" MEANS A PERSON WHO IS LICENSED UNDER THE
MARYLAND SECONDARY MORTGAGE LOAN LAW - LICENSING
PROVISIONS.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from Art.
66, §40(c).

The added reference to "Licensing Provisions"
results from the division of the material
relating to secondary mortgage loans; in this
regard, see general revisor's note to this
subtitle.

(E)      LIEN ON REAL PROPERTY.

"LIEN ON REAL PROPERTY" INCLUDES:

(1) A CONFESSED JUDGMENT NOTE OR CONSENT
JUDGMENT REQUIRED BY A PERSON WHO ORDINARILY REQUIRES
SUCH AN INSTRUMENT FOR THE PURPOSE OF ACQUIRING A LIEN ON