HARRY HUGHES, Governor

565

Provisions, see Title 12, Subtitle 3 of the
Commercial Law Article.

GENERAL REVISOR'S NOTE:

Present Art. 58A, § 15A, which provides that a loan in
the amount of $6,000 or less made by a person not licensed
under this subtitle is unenforceable if the consideration
contracted for, charged, or received exceeds that allowed by
the Maryland Consumer Loan Law, is incorporated in § 12—314
of the Commercial Law Article.

SUBTITLE 3. INSTALLMENT LOANS — LICENSING PROVISIONS.

11-301. SCOPE OF SUBTITLE.

(A)       LOANS BETWEEN CERTAIN PERSONS.

THIS SUBTITLE DOES NOT APPLY TO ANY LOAN:

(1)   BETWEEN RELATIVES;

(2)   BETWEEN AN EMPLOYER AND AN EMPLOYEE; OR

(3)   BETWEEN A LANDLORD AND A TENANT.

(B)   CERTAIN FINANCIAL INSTITUTIONS.

THE LICENSING PROVISIONS OF THIS SUBTITLE DO NOT APPLY
TO ANY OF THE FOLLOWING PERSONS, IF ORGANIZED UNDER THE LAWS
OF THIS STATE OR OTHERWISE QUALIFIED TO DO BUSINESS IN THIS
STATE:

(1)   A BANKING INSTITUTION;

(2)   A NATIONAL BANKING ASSOCIATION;

(3)   A FEDERAL OR STATE SAVINGS AND LOAN
ASSOCIATION:

(1) A FEDERAL OR STATE CREDIT UNION; OR

(5) A LICENSEE UNDER ANY LENDING LAW OF THIS

STATE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the third
sentence and the parenthetical exception in the
first        sentence         ("other than a banking

institution...") of Art. 49, § 5(b).

In subsection (b)(4) of this section, the
reference to a "federal or state" credit union is
added for clarity.

As to subsection (a)(1) of this section, there is
no definition of the word "relative". The