HARRY HUGHES, Governor

615

In revising this subtitle, the Commission to Revise the
Annotated Code deleted present Art. 66, § 60, which
prohibits a lender from making a secondary mortgage loan
"except within the terms and conditions authorized by this
subtitle", as duplicative of CL § 12-412. Other than the
basic requirement that a lender be licensed or exempted from
licensing — which also is covered by CL § 12—402 — this
subtitle does not establish any "terms and conditions" to
which present Art. 66, § 60 would apply, and, therefore, the
section is superfluous.

Present Art. 66, § 69, which establishes civil
penalties for violation of this subtitle by a "lender", also
is deleted as duplicative of CL § 12—413 and, therefore,
unnecessary in this subtitle.

The Commission notes that the civil penalties of CL §
12-413 and present Art. 66, § 69 apply only to a "lender"
who, as defined, is a licensee or a person who makes a
secondary mortgage loan but is exempted from licensing. The
General Assembly may wish to consider whether the civil
penalties should apply to any person who violates the
provisions of the subtitle — e.g., a person who is required
to be licensed but, without being licensed, makes loans.

Present Art. 66, § 40(b-1), which defines "lender" is
deleted as unnecessary since the term does not appear in
this subtitle, as revised.

Present Art. 66, § 40(c), which defines "licensee", is
deleted as unnecessary in light of the definition of
"license" in § 12-301(b) of this subtitle.

Present Art. 66, § 40(d), which defines "Commissioner",
is deleted as unnecessary. The full title of the "Bank
Commissioner" is used throughout this subtitle for clarity.
The present statement that "Commissioner means ... the
deputy bank commissioner" also is deleted as unnecessary,
since nothing in this subtitle precludes the Bank
Commissioner from delegating authority in any event.

Present Art. 66, § 40(e) and (f), which defines
"payment period" and "net proceeds", is deleted as
unnecessary. Those terms are not used in this subtitle.

SUBTITLE 4. SELLERS OF MONEY ORDERS AND TRAVELER'S CHECKS.

12-401. DEFINITIONS.

(A) IN GENERAL.

IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

REVISOR'S NOTE: This subsection presently appears as
the first sentence of Art. 11, § 208.