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LAWS OF MARYLAND

Ch. 33

Commissioner" is used throughout this subtitle
for clarity. The present statement that
"'Commissioner' shall mean ... the deputy bank
commissioner" is deleted as unnecessary, since
nothing in this subtitle precludes the Bank
Commissioner from delegating authority in any
event.

12-402. SCOPE OF SUBTITLE.

(A)   IN GENERAL.

THE LICENSING PROVISIONS OF THIS SUBTITLE DO NOT APPLY
TO:

(1)   ANY STATE BANKING INSTITUTION;

(2)   ANY NATIONAL BANKING ASSOCIATION;

(3)   ANY CREDIT UNION;

(4)   ANY SAVINGS AND LOAN ASSOCIATION;

(5)   THE UNITED STATES GOVERNMENT OR ANY OF ITS
DEPARTMENTS OR AGENCIES;

(6)   THE RECEIPT OF MONEY BY AN INCORPORATED
TELEGRAPH COMPANY FOR IMMEDIATE TRANSMISSION BY TELEGRAPH;
OR

(7)   THE SALE OF DRAFTS BY ANY PERSON ON BEHALF
OF ANY OTHER PERSON WHO IS EXEMPTED BY THIS SUBSECTION, IF
THE DRAFTS WERE RECEIVED FROM THE OTHER PERSON UNDER A TRUST
RECEIPT FOR THE SPECIFIC PURPOSE OF SALE.

(B)   EXCEPTION.

ANY PERSON WHO IS EXEMPTED BY THIS SECTION NEVERTHELESS
MAY APPLY FOR AND, IF QUALIFIED, RECEIVE A LICENSE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, § 210.

In the introductory clause of subsection (a) of
this section, the reference "licensing" is new
language added to clarify that, while the
enumerated persons and transactions are exempted
from licensing, other provisions of this subtitle
do apply. In this regard, see, e.g., § 12—411 of
this subtitle, as to inclusion of agents,
including those enumerated in this section, in
reports.

In subsection (a)(4) of this section, the present
reference to "building and loan ...
associations" is deleted as unnecessary in light
of the use of the more modern term "savings and