572

LAWS OF MARYLAND

Ch. 33

(1)       "SURETY" INCLUDES A GUARANTOR.

(2)       "SURETY" DOES NOT INCLUDE A SELLER WHO
SELLS, TRANSFERS, OR ASSIGNS AN AGREEMENT.

REVISOR'S NOTE: This subsection is new language derived
from Art. 83, § 164(n).

It is revised to conform to the substantively
identical definition of "surety" in the Retail
Installment Sales Act in CL § 12—601.

REVISOR'S NOTE TO SECTION: Present Art. 83, § 164(1),
which defines "county", is deleted as unnecessary
in light of the definition of that term in §
1—101 of this article.

Present Art. 83, § 164(m), which defines "banking
institution", is referred to only once in the
present subtitle and now appears in § 11—402 of
this subtitle.

11-402. SCOPE OF SUBTITLE.

THE LICENSING PROVISIONS OF THIS SUBTITLE DO NOT APPLY
TO ANY STATE BANKING INSTITUTION OR NATIONAL BANKING
ASSOCIATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the parenthetical
exception in Art. 83, § 154 ("except a banking
institution") and from the reference to a
"national bank" in the definition of "banking
institution" in Art. 83, § 164(m).

The balance of the definition in present Art. 83,
§ 164(m), which includes a "state bank, trust
company or mutual savings institution", is
deleted as unnecessary in light of the definition
of "banking institution" in § 1—101 of this
article.

11-403. LICENSE REQUIRED; LOCAL LICENSES PROHIBITED.

(A)       LICENSE REQUIRED.

EXCEPT AS OTHERWISE PROVIDED IN THIS SUBTITLE, A PERSON
MAY NOT ENGAGE IN BUSINESS AS A SALES FINANCE COMPANY UNLESS
THE PERSON IS LICENSED BY THE COMMISSIONER.

(B)       SEPARATE LICENSES REQUIRED.

A SEPARATE LICENSE IS REQUIRED FOR EACH PLACE OF
BUSINESS WHERE A PERSON ENGAGES IN BUSINESS AS A SALES
FINANCE COMPANY.

(C) LOCAL LICENSES PROHIBITED.