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Session Laws, 1979
Volume 737, Page 1323   View pdf image
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HARRY HUGHES, Governor

1323

AN ACT concerning

CHAPTER 468
(Senate Bill 586)

Secondary Mortgage Loans

FOR the purpose of removing raising the interest rate
limitation that may be charged on a secondary mortgage
loan; removing the prohibition of building, savings and
loan association, from making certain loans; clarifying
that the Bank Commissioner has no jurisdiction over a
building, savings and loan association under the
Mortgage Article; correcting language; and generally
relating to the Secondary Mortgage Loan Law.

BY repealing and reenacting, with amendments,

Article — Commercial Law
Section 12-40 2 and 12-404(b)
Annotated Code of Maryland
(1975 Volume and 1978 Supplement)

BY repealing and reenacting, with amendments,

Article 66 — Mortgages

Section 53

Annotated Code of Maryland

(1972 Replacement Volume and 1978 Supplement)

BY repealing

Article 66 — Mortgages
Section 71

Annotated Code of Maryland
(1972 Replacement Volume and 1978 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article — Commercial Law

12-402.

[(a)] A person may not make a loan under this subtitle
unless he is licensed under or exempt from the licensing
requirements of the Maryland Secondary Mortgage Loan Law —
Licensing Provisions.

 

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Session Laws, 1979
Volume 737, Page 1323   View pdf image
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