1062

LAWS OF MARYLAND

Ch. 351

(D) "FINDER'S FEE" MEANS ANY COMPENSATION OR
COMMISSION DIRECTLY OR INDIRECTLY IMPOSED BY A BROKER FOR
ITS SERVICES IN PROCURING, ARRANGING, OR OTHERWISE ASSISTING
A BORROWER IN OBTAINING A LOAN OR ADVANCE OF MONEY.

(E) (D) "LENDER" MEANS A PERSON WHO MAKES A LOAN OR
ADVANCE OF MONEY.

(E)   "MORTGAGE BROKER" MEANS A PERSON WHO PROCURES A
LOAN OR ADVANCE OF MONEY OR WHO ARRANGES OR OTHERWISE
ASSISTS A BORROWER IN OBTAINING A LOAN OR ADVANCE OF MONEY.

(F)   "PERSON" INCLUDES AN INDIVIDUAL, CORPORATION,
BUSINESS TRUST, ESTATE, TRUST, PARTNERSHIP, ASSOCIATION, TWO
OR MORE PERSONS HAVING A JOINT OR COMMON INTEREST, OR ANY
OTHER LEGAL OR COMMERCIAL ENTITY.

12-802.

THIS SUBTITLE DOES NOT APPLY TO ANY LOAN:

(1)   DESCRIBED IN § 12-103(E) OF THIS ARTICLE;
OR

(2)   MADE BY MOTOR VEHICLE OR RECREATIONAL
VEHICLE DEALERS IN CONNECTION WITH THE SALE OF THEIR
VEHICLES.

12-803.

A MORTGAGE BROKER MAY NOT BE A DIRECTOR, OFFICER, OR
EMPLOYEE OF ANY LENDER WHERE HE PLACES A LOAN.

12-804.

(A)   A MORTGAGE BROKER MAY CHARGE A FINDER'S FEE NOT
IN EXCESS OF 8 PERCENT OF THE AMOUNT OF THE LOAN OR ADVANCE.

(B)   A MORTGAGE BROKER MAY CHARGE A LOAN APPLICATION
FEE NOT IN EXCESS OF THE ACTUAL COST OF ANY APPRAISAL OR
CREDIT REPORT OBTAINED BY THE MORTGAGE BROKER.

(C)   A MORTGAGE BROKER OBTAINING A MORTGAGE LOAN WITH
RESPECT TO THE SAME PROPERTY MORE THAN ONCE WITHIN A
24-MONTH PERIOD MAY CHARGE A FINDER'S FEE ONLY ON SO MUCH OF
THE LOAN AS IS IN EXCESS OF THE INITIAL LOAN.

(D)   THE PROVISIONS OF THIS SECTION DO NOT APPLY TO:

(1)   THE CHARGING OF FEES AND CHARGES OTHERWISE
PERMITTED UNDER THIS TITLE; OR

(2)   ATTORNEY'S FEES UNLESS THE ATTORNEY IS
REGISTERED OR REQUIRED TO BE REGISTERED AS A MORTGAGE BROKER
UNDER ARTICLE 11, § 61A OF THE CODE. FUNCTIONING AS A
MORTGAGE BROKER.