HARRY HUGHES, Governor

639

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the first and
last clauses of Art. 11, § 61A (a) (1).

The balance of present Art. 11, § 61A(a)(1),
which specifies persons who are exempted from
licensing, now appears in § 12—502 of this
subtitle.

The terms "mortgage", "person", and "real
property" are defined in § 1—101 of this article.

(D) MORTGAGE BROKER.

"MORTGAGE BROKER" MEANS ANY PERSON WHO IN THE REGULAR
COURSE OF BUSINESS ASSISTS A PERSON IN GETTING A LOAN THAT
IS SECURED BY A MORTGAGE OR OTHER LIEN ON REAL PROPERTY.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the first and
last clauses of Art. 11, § 61A(a)(2).

The present reference "arranges or procures a
loan" is deleted as unnecessary in light of the
broad reference "assists ... in getting a

loan..."

The balance of present Art. 11, § 61A(a)(2),
which specifies persons who are exempted from
licensing, now appears in § 12—502 of this
subtitle.

The terms "mortgage", "person", and "real
property" are defined in § 1-101 of this article.

12-502. SCOPE OF SUBTITLE.

THE PROVISIONS OF THIS SUBTITLE DO NOT APPLY TO:

(1)        ANY BANK, TRUST COMPANY, OR SAVINGS BANK;

(2)       ANY SAVINGS AND LOAN ASSOCIATION;

(3)       ANY CREDIT UNION;

(4)        ANY INSURANCE COMPANY;

(5)       ANY LICENSEE UNDER THE MARYLAND CONSUMER
LOAN LAW; OR

(6)        ANY LICENSEE UNDER THE MARYLAND SECONDARY
MORTGAGE LOAN LAW.

REVISOR'S NOTE: This section is new language derived
without substantive change from the second clause
of Art. 11, § 61A(a)(1) and (2).