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LAWS OF MARYLAND

Ch. 33

without substantive change from the requirement,
in the first sentence of Art. 11, § 61A(b), that
a person register each place of business
"annually" and pay an "annual" registration fee
and from the reference, in the last sentence of
Art. 11, § 61A (b), to "reregistration".

It is revised to conform to similar provisions
elsewhere in this article. See also revisor's
note to §§ 12-501 and 12-503 of this subtitle.

12-507. CODE OF CONDUCT.

AFTER A PUBLIC HEARING, THE BANK COMMISSIONER MAY
ESTABLISH A CODE OF CONDUCT FOR MORTGAGE BANKERS AND
MORTGAGE BROKERS.

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

The present reference to a "standard of ethics"
is deleted as unnecessary in light of the general
reference to a "Code of Conduct".

As to the reference to a "public hearing",
present Art. 11, § 61A (b) contains the phrase
"after public hearings conducted in accordance
with the provisions of the Administrative
Procedures {sic} Act". The Administrative
Procedure Act, however, does not require an
agency to hold public hearings, as such, before
adoption of a rule; Art. 41, § 256F(i) of the
Code requires only that the agency "publish
notice of its proposed action in the Register and
shall give interested persons an opportunity to
submit data or views orally or in writing". To
the extent that the present phrase was intended
merely to incorporate the general rulemaking
procedures of the Administrative Procedure Act,
it is unnecessary since that Act applies in any
event to the adoption of rules and regulations;
see the definition of "rule" in Art. 41, § 244 of
the Code. On the other hand, the Commission to
Revise the Annotated Code believes that the
phrase may have been intended to require a public
hearing, regardless of the requisites of the
Administrative Procedure Act and, therefore, has
retained the requirement, subject to review by
the General Assembly.

12-508. SUSPENSIONS AND REVOCATIONS.

SUBJECT TO THE HEARING PROVISIONS OF § 12-509 OF THIS
SUBTITLE, THE BANK COMMISSIONER MAY SUSPEND OR REVOKE THE
LICENSE OF ANY MORTGAGE BANKER OR MORTGAGE BROKER IF: