600

LAWS OF MARYLAND

Ch. 33

The reference to a "commercial loan" is new
language added for clarity.

The loans described in paragraph (2) of this
subsection and in CL §§ 12-101(c) and 12-103(e)
appeared to be similar in concept, but that the
specific language varied. The Commission notes
that the variation in language is only an
unintended result of the enactment of the revised
Commercial Law Article during the same session
that the amendments to present Art. 66, § 40 were
enacted. Present Art. 66, § 40 (a) was amended by
Ch. 574, Acts of 1975, which added the clause "or
a loan for any business purpose or commercial
investment loan in excess of $5,000". This
language closely resembles the provision of
former Art. 49, § 7 — from which the Commercial
Law Article provisions are derived — "for the
purpose of carrying on or acquiring a business or
commercial investment, provided that the
principal {exceeds} $5,000".

12-302. SCOPE OF SUBTITLE.

THE LICENSING PROVISIONS OF THIS SUBTITLE DO NOT APPLY:

(1)   TO ANY BANK, TRUST COMPANY, SAVINGS BANK,
SAVINGS AND LOAN ASSOCIATION, INSURANCE COMPANY, OR OTHER
FINANCIAL INSTITUTION WHOSE POWER TO ENGAGE IN MORTGAGE LOAN
TRANSACTIONS IS REGULATED BY ANY OTHER LAW OF THIS STATE OR
OF THE UNITED STATES;

(2)   DURING ANY CALENDAR YEAR, TO ANY PERSON WHO
MAKES FEWER THAN TEN SECONDARY MORTGAGE LOANS DURING THAT
YEAR;

(3)   TO A PERSON WHO TAKES BACK A DEFERRED
PURCHASE MONEY SECONDARY MORTGAGE IN CONNECTION WITH THE
SALE OF THE PERSON'S OWN RESIDENCE;

(4)   TO A PERSON WHO TAKES BACK A DEFERRED
PURCHASE MONEY SECONDARY MORTGAGE IN CONNECTION WITH THE
SALE OF A NEW RESIDENTIAL DWELLING THAT THE PERSON BUILT; OR

(5)   TO ANY NONPROFIT RELIGIOUS OR CHARITABLE
ORGANIZATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the exceptions
listed in the second sentence of Art. 66, § 41.

Throughout this section, present reference to a
"building and loan association" is deleted as
unnecessary in light of the more modern term
"savings and loan association". See § 8—101 of
this article.