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LAWS OF MARYLAND

Ch. 468

[(b) The provisions of this subtitle do not apply to a
loan made by any savings and loan association if it holds
the first mortgage or first deed of trust on the property
securing the loan.]

12-404.

(b) [The total amount of interest may not exceed the
amount that would accrue throughout the term of the loan if
charged at the rate of 12 percent per annum on the unpaid
principal balances outstanding from time to time. ] A LENDER
MAY CHARGE INTEREST AT ANY EFFECTIVE RATE OF SIMPLE INTEREST
NOT TO EXCEED 16 PERCENT PER ANNUM ON THE PRINCIPAL BALANCE
OF A LOAN.

Article 66 — Mortgages

53.

The Commissioner shall conduct an investigation of the
business of every licensee at least once every two years and
in addition, at any other time at his discretion or whenever
there is reasonable cause to believe that any licensee, or
any other person EXCEPT FOR A SAVINGS AND LOAN ASSOCIATION,
has violated any of the provisions of this subtitle, or of
any rules or regulations promulgated pursuant thereto, he
shall have the power to make such investigations as may be
necessary, and to examine the books, accounts, records and
files of such licensee or any other such person believed to
have violated this subtitle or any rules or regulations
promulgated pursuant thereto. To cover the costs of every
such an examination or investigation he shall be paid a per
diem fee of not more than [fifty dollars ($50.00)3 $50 for
each of the examining or investigating personnel so engaged.

71.

[The provisions of this subtitle shall not extend or
apply to secondary mortgage loans made by building, savings
and loan associations when the association making the loan
holds the first mortgage or deed of trust on the property
securing the secondary mortgage loan. ]

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 29, 1979.

CHAPTER 469
(Senate Bill 590)
AN ACT concerning