MARVIN MANDEL, Governor

687

the Commercial Law Article, and the provisions
which deal with licensing and regulations are
retained in their respective Code allocation
(i.e., Article 11, §§ 163 et seq. and Article
58A, §§ 1 et seq,) pending further revision
and inclusion in the proposed Business
Regulation Article.

SECTION 6. AND BE IT FURTHER ENACTED, That Section
5(b) of Article 49 of the Annotated code of Maryland
(1972 Replacement Volume, 1974 Supplement) title
"Interest and Usury" be and it is hereby repealed and
re—enacted, with amendments, to read as follows:

§ 5. Legal interest on unsecured installment loans;
license for lending business required; exceptions;
penalty; jurisdiction.

(b) Any person engaged in the business of making
loans for a consideration under [this section] §13-103(C)
OF THE COMMERCIAL LAW ARTICLE, which includes any person
making more than five loans [hereunder] UNDER §12—103(C)
per year, other than a banking institution, national
banking association, building and loan association,
whether federally or State chartered, credit union or
licensee under any Maryland lending provisions in any
other article of the Code, which is organized under the
laws of this State or otherwise is qualified to do
business in this State, before doing any lending
business, shall obtain a license from the [Bank
Commissioner] COMMISSIONER OF CONSUMER CREDIT to do
lending business. The license required shall be applied
for and issued in accordance with and subject to all of
the licensing and examination provisions of Article 11
relating to [industrial finance companies, the same being
§§ 169 through 191 of said article] THE MARYLAND CONSUMER
LOAN LAW - LICENSING PROVISIONS. The provisions of this
subsection shall not apply with respect to loans made
between relatives, or between an employer and his
employees, or between a landlord and his tenants. Any
person failing to comply with these provisions shall be
guilty of a misdemeanor, and upon conviction thereof,
shall be sentenced to pay a fine of not more than $1,000,
or suffer imprisonment of not more than one year, or
both, in the discretion of the court. In Baltimore
City, the Municipal Court of Baltimore City shall have
jurisdiction to try cases under this section.

REVISOR'S NOTE: The reference to §12-103(c) of     the

Commercial Law Article is substituted     for

"this section" because Art. 49, §5(a) and     (c)

are revised and incorporated into Title   12,