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LAWS OF MARYLAND

Ch. 33

In item (2) of this section, the present
reference to "building and loan association" is
deleted as unnecessary in light of the more
modern term "savings and loan association". See
§ 8-101 of this article.

As to the Maryland Consumer Loan Law and the
Maryland Secondary Mortgage Loan Law, see,
respectively, Title 11, Subtitle 2 and Title 12,
Subtitle 3 of this article.

12-503. LICENSE REQUIRED.

A PERSON MAY NOT ACT AS A MORTGAGE BANKER OR MORTGAGE
BROKER UNLESS THE PERSON:

(1) IS LICENSED BY THE BANK COMMISSIONER; OR

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

REVISOR'S NOTE: This section is new language derived
without substantive change from the first clause
of the first sentence and from the last clause of
the third sentence of Art. 11, § 61A(b) and from
the first clause of (e).

This subtitle is revised to reconcile
inconsistent implications in present Art. 11, §
61A(b) and (e). While the first clause of
present Art. 11, § 61A(b) suggests that a person
registers a place in order for the person to act
as a mortgage banker or mortgage broker, the
third sentence of present Art. 11, § 61A(b) and
present Art. 11, § 61A(e) clearly indicate that a
person is licensed — although able to act as a
mortgage banker or mortgage broker only at a
specified place of business.

The present reference to a "firm, partnership,
corporation or association" is deleted as
unnecessary in light of the definition of
"person" in § 1—101 of this article.

As to the present requirement for "annual"
renewal of the license, see § 12-506 of this
subtitle.

As to a person exempted from licensing under this
subtitle, see § 12-502 of this subtitle.

12-504. LICENSE FEE.

AN APPLICANT FOR A LICENSE SHALL PAY TO THE BANK
COMMISSIONER A LICENSE FEE OF $100.