1058

LAWS OF MARYLAND

Ch. 257

(c)  "Finder's fee" means any compensation or
commission directly or indirectly imposed by a broker [for
its) AND PAID BY OR ON BEHALF OF THE BORROWER FOR THE
BROKER'S services in procuring, arranging, or otherwise
assisting a borrower in obtaining a loan or advance of
money.

(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

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved April 22, 1980.

CHAPTER 258

(House Bill 2030)

AN ACT concerning

Cecil County - Revenue Bonds - Residential
Mortgage Program

FOR the purpose of authorizing Cecil County to borrow money,
not to exceed a certain amount, by issuing revenue
bonds, notes, or other evidences of obligation to
finance residential mortgage loans; providing generally
for the issue, sale, and payment of these revenue
bonds; making legislative findings; defining terms;
requiring certain down payments; establishing a maximum
amount for individual mortgage loans authorized under
the mortgage program; providing for refunding of the
bonds; providing for security for the bonds; providing
that the principal of and interest on the bonds, their
transfer, and any income derived from them are exempt
from certain taxation; providing that the authorization
to issue and sell the bonds shall expire on a certain
date; and relating generally to revenue bonds to
finance a residential mortgage program in Cecil County.

BY adding to