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2839
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MARVIN MANDEL, Governor
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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 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] 58A
relating to 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,] $5,000 or suffer
imprisonment of not more than [one year,] 3 years 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.]
SECTION 8. AND BE IT FURTHER ENACTED, That any
person who, on June 30, 1977, was licensed to do business
under the Maryland Small Loan law or the Maryland
Consumer Loan Law or both shall, on or before July 3 1,
1977, surrender to the Commissioner of Consumer Credit
his license or licenses, as the case may be, for each
licensed place of business, and that if, on or before
July 31, 1977, the person also applies under Article 58A
of the Code, as amended by this Act, for a new Consumer
Loan License for the same place of business:
(1) the person may continue to do business under the
surrendered license, subject to the provisions of Article
58A of the Code, as amended by this Act, until issuance
of the new license;
(2) the provisions of Article 58A, §4(b) of the
Code, as amended by this Act, do not apply to the
application for this new license; and
(3) the person is entitled to a credit against the
license fee required by this Act for this new license in
an amount equal to $180 for each surrendered Consumer
Loan License for the same place of business and $300 for
each surrendered Small Loan License for the same place of
business.
SECTION 9. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
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Approved May 26, 1977.
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CHAPTER 694
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