HARRY HUGHES, Governor

599

"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.

REVISOR'S NOTE: This subsection presently appears as
Art. 66, § 40(b).

The only changes are in style.

While a similar definition of "person" appears in
§ 1—101 of this article, the Commission to Revise
the Annotated Code concluded that this definition
of "person" should be retained, since it is the
same as that contained in the Maryland Secondary
Mortgage Loan Law — Credit Provisions in CL §
12-401.

(F) SECONDARY MORTGAGE LOAN.

(1)   "SECONDARY MORTGAGE LOAN" MEANS A LOAN OR
DEFERRED PURCHASE PRICE SECURED IN WHOLE OR IN PART BY A
MORTGAGE, SECURITY AGREEMENT, OR OTHER LIEN ON HEAL PROPERTY
THAT IS LOCATED IN THIS STATE, WHICH PROPERTY:

(I)   IS SUBJECT TO THE LIEN OF ONE OR MORE
PRIOR ENCUMBRANCES, EXCEPT A GROUND RENT OR OTHER LEASEHOLD
INTEREST; AND

(II)   HAS A DWELLING ON IT THAT IS DESIGNED
PRINCIPALLY AS A RESIDENCE WITH ACCOMMODATIONS FOR NOT MORE
THAN FOUR FAMILIES.

(2)   "SECONDARY MORTGAGE LOAN" DOES NOT INCLUDE:

(I)   A LOAN TO ANY CORPORATION UNLESS THE
LENDER REQUIRED THE BORROWER TO INCORPORATE AS A CONDITION
FOR OBTAINING THE LOAN; OR

(II)   A COMMERCIAL LOAN OF MORE THAN $5,000

FOR A BUSINESS PURPOSE OR COMMERCIAL INVESTMENT, AS DEFINED

IN § 12-101(C) OF THE COMMERCIAL LAW ARTICLE.

REVISOR'S NOTE: This subsection is new language derived
from the first and last sentences of Art. 66, §
40(a).

It is revised to conform to the substantively
identical definition of "secondary mortgage loan"
in the Maryland Secondary Mortgage Loan Law —
Credit Provisions in CL § 12-401.

The present reference to a "deed of trust" is
deleted as unnecessary in light of the definition
of "mortgage" in § 1—101 of this article.