638                                         LAWS OF MARYLAND                                   Ch. 33

Present Art. 11, § 222, which is the short title, does
not reflect accurately the scope of the subtitle.

Present Art. 11, § 223, which provides for the
severability of the provisions of this subtitle, is
unnecessary in light of the general severability provision
of Art. 1, § 23 of the Code.

As to the possible termination of the powers and duties
of the Bank Commissioner under this subtitle, see § 2—401 of
this article.

SUBTITLE 5. MORTGAGE BANKERS AND MORTGAGE BROKERS.

12-501. DEFINITIONS.

(A)   IN GENERAL.

IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

REVISOR'S NOTE: This subsection presently appears as
Art. 11, § 61A(a).

The only changes are in style.

See also § 1—101 of this article for other
applicable definitions.

(B)   LICENSE.

"LICENSE" MEANS A LICENSE ISSUED BY THE BANK
COMMISSIONER UNDER THIS SUBTITLE TO ACT AS A MORTGAGE BANKER
OR A MORTGAGE BROKER.

REVISOR'S NOTE: This section is new language added to
avoid unnecessary repetition in this subtitle of
phrases such as "license to act as a mortgage
banker or a mortgage broker" and "license issued
under this subtitle".

Although present Art. 11, § 61A refers to the
"registration", the regulatory provisions
established by this subtitle are similar to those
described elsewhere in this article as
"licensing" provisions. For consistency,
therefore, the term "license" is substituted
throughout this subtitle for references to
"registration". See also revisor's note to §
12-503 of this subtitle.

(C)   MORTGAGE BANKER.

"MORTGAGE BANKER" MEANS ANY PERSON WHO IN THE REGULAR
COURSE OF BUSINESS LENDS MONEY THAT IS SECURED BY A MORTGAGE
OR OTHER LIEN ON REAL PROPERTY.