862

LAWS OF MARYLAND

Ch. 239

The Board shall hold at least two regular meetings each
year. Special meetings shall be held at such time as the
bylaws of the Board provide. Notice of all meetings shall
be given in such manner as the bylaws provided. The Board
shall elect annually from its membership a chairman, a
vice-chairman, and a secretary. The public member of the
Board shall [not] have the power to vote except with respect
to the exercise of the Board's powers under [§ 17] §12. A
quorum of the Board consists of three VOTING members [except
that with respect to the exercise of the Board's powers
under § 17, a quorum consists of four members].

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

Approved May 14, 1979.

CHAPTER 240

(Senate Bill 252)

AN ACT concerning

Secondary Mortgage Loans

FOR the purpose of specifying the rate of interest a person
may charge in order to qualify for the license
exemption of the secondary mortgage loan law relating
to making less than ten secondary mortgage loans a
year.

BY repealing and reenacting, with amendments,

Article 66 - Mortgages

Section 41

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be repealed, amended, or enacted to read as follows: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 66 - Mortgages

41.

No person, other than any banking institution, savings
bank, or association subject to Article 11 of this Code, any
federal savings and loan association, insurance company,
State-chartered building and loan association or any other
financial institution which is subject to any other law of