MARVIN MANDEL, Governor

437

PROPERTY DESCRIBED IN SUBSECTION (J) OF THIS SECTION; AND

(2) A SALE AND LEASEBACK REQUIRED BY A PERSON
FOR THAT PURPOSE.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
second sentence of Art. 66, §40(a).

For purposes of clarity, it has been revised
as a definition of "lien on real property," as
that tern is used in subsection (j) of this
section, which defines "secondary mortgage
loan."

(F) LOAN.

"LOAN" MEANS A SECONDARY MORTGAGE LOAN.

REVISOR'S NOTE: This subsection is new language
added to avoid unnecessary repetition of the
phrase "secondary Mortgage loan."

(6) NET PROCEEDS.

"NET PROCEEDS" MEANS THE DIFFERENCE BETWEEN:

(1)    THE FULL AMOUNT OF A SECONDARY MORTGAGE
LOAN; AND

(2)   THE AMOUNT OF INTEREST TAKEN IN ADVANCE
ON THE LOAN PLUS THE AMOUNT OF THE LOAN ORIGINATION FEE.

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

The only changes are in style.

(H) PAYMENT PERIOD.

"PAYMENT PERIOD" MEANS THE PERIOD SCHEDULED BY THE
TERMS OF A LOAN TO ELAPSE BETWEEN THE DAYS ON WHICH
INSTALLMENT PAYMENTS ARE REQUIRED TO BE MADE ON THE LOAN.

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

The only changes are in style.

(I) PERSON.

"PERSON" INCLUDES AN INDIVIDUAL, CORPORATION,
BUSINESS TRUST, ESTATE, TRUST, PARTNERSHIP, ASSOCIATION,
TWO OR MORE PERSONS HAVING A JOINT OR COMMON INTEREST, OR