602

LAWS OF MARYLAND

Ch. 33

(A)       LICENSE REQUIRED.

A PERSON MAY NOT MAKE A SECONDARY MORTGAGE LOAN UNLESS
THE PERSON:

(1)   IS LICENSED BY THE BANK COMMISSIONER; OR

(2)   IS A PERSON EXEMPTED FROM LICENSING UNDER
THIS SUBTITLE.

(B)   SEPARATE LICENSES REQUIRED.

(1)   A SEPARATE LICENSE IS REQUIRED FOR EACH
PLACE OF BUSINESS WHERE A PERSON MAKES A SECONDARY MORTGAGE
LOAN.

(2)   THE PERSON MAY NOT:

(I)       RECEIVE ANY APPLICATION FOR A
SECONDARY MORTGAGE LOAN, ALLOW ANY NOTE OR CONTRACT FOR A
LOAN TO BE SIGNED, OR EXECUTE ANY MORTGAGE OR EVIDENCE OF
INDEBTEDNESS AT ANY PLACE FOR WHICH THE PERSON DOES NOT HAVE
A LICENSE, EXCEPT AT THE OFFICE OF THE PERSON'S LAWYER; OR

(II)       CONDUCT ANY SECONDARY MORTGAGE LOAN
BUSINESS UNDER A NAME DIFFERENT FROM THE NAME THAT APPEARS
ON THE PERSON'S LICENSE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first clause
of the second sentence of Art. 66, § 41 and from
the first sentence and the first two clauses of
the second sentence of § 48.

In subsection (b)(2)(i) of this section, 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.

The last clause of the second sentence of Art.
66, § 48, which relates to additional license
fees and bonds for each license, now appears in §
12-306(d) of this subtitle.

12-305. QUALIFICATIONS OF APPLICANTS.

(A) IN GENERAL.

TO QUALIFY FOR A LICENSE, AN APPLICANT SHALL:

(1)   HAVE BEEN A RESIDENT OF THIS STATE FOR AT
LEAST 6 MONTHS BEFORE APPLYING FOR THE LICENSE; AND

(2)   SATISFY THE BANK COMMISSIONER THAT THE
APPLICANT HAS SUFFICIENT BUSINESS EXPERIENCE, MORAL
CHARACTER, FINANCIAL RESPONSIBILITY, AND GENERAL FITNESS TO: