HARRY HUGHES, Governor                              1171

therefor and pay an annual license fee of [$15.00; provided,
however, this section shall not apply to persons, firms or
corporations doing a construction business the gross amount
of whose orders accepted and executed does not exceed five
thousand dollars ($5,000.00) per annum] $15.

(B) IN ADDITION TO THE REQUIREMENTS SET FORTH IN
SUBSECTION (A) OF THIS SECTION, ANY NONRESIDENT PERSON, FIRM
OR CORPORATION DESIRING TO CARRY ON THE BUSINESS OF
CONSTRUCTION IN THIS STATE, AS DEFINED IN SUBSECTION (A)
SHALL:

(1)  OBTAIN A LICENSE BY PAYING AN ANNUAL FEE OF
$50 AND APPLYING TO THE CLERK OF THE COURT OF COMMON PLEAS
IN BALTIMORE CITY OR THE CLERK OF THE CIRCUIT COURT IN THE
COUNTY WHERE THE WORK WILL BE PERFORMED; AND

(2)  OBTAIN AN ADDITIONAL $50 LICENSE FOR EACH
SINGLE CONTRACT IN WHICH THE GROSS AMOUNT OF THAT CONTRACT
IS IN EXCESS OF $1,000.

(C) THE LICENSES REQUIRED BY SUBSECTION (B) ARE NOT TO
BE REQUIRED OF ANY NONRESIDENT PERSON, FIRM OR CORPORATION
IF THE STATE OF RESIDENCE OF THAT NONRESIDENT PERSON, FIRM
OR CORPORATION DOES NOT REQUIRE A SIMILAR LICENSE OF A
MARYLAND CONTRACTOR DOING BUSINESS IN THAT STATE.

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

Approved May 6, 1980.

CHAPTER 312

(Senate Bill 402)
AN ACT concerning

Credit Unions - Second Mortgages

FOR the purpose of allowing a credit union to make a
mortgage loan to a member secured by a second mortgage
on real property; and limiting the interest rate that
can be charged by the credit union on the second
mortgage.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 6-506

Annotated Code of Maryland

(As enacted by (H.B. 1) Chapter ____ of the Acts

of the General Assembly of 1980)