HARRY HUGHES, Governor

645

The present statement that the Bank Commissioner
may "summon such violator, if a person, or the
officers or partners thereof if the violator be a
firm, partnership, corporation or association" is
deleted as unnecessary in practice and as
misleading. In practice, an alleged violator is
given notice and an opportunity for a hearing in
accordance with the Administrative Procedure Act.
If the alleged violator wishes a hearing, the
alleged violator decides whether to appear
personally — if an individual — or by an
appropriate agent.

12-510. ADVERTISEMENTS OF CONSUMER LOANS.

(A)       "CONSUMER LOAN" DEFINED.

(1)       "CONSUMER LOAN" MEANS A LOAN FOR PERSONAL,
FAMILY, OR HOUSEHOLD PURPOSES.

(2)       "CONSUMER LOAN" DOES NOT INCLUDE A
COMMERCIAL LOAN OR CORPORATE LOAN REFERRED TO IN § 12-103(E)
OF THE COMMERCIAL LAW ARTICLE.

REVISOR'S NOTE: This subsection presently appears as
Art. 11, § 61A(a)(3).

The only changes are in style.

(B)   REQUIREMENTS FOR ADVERTISEMENTS.

WHEN A MORTGAGE BROKER ADVERTISES WITH RESPECT TO A
CONSUMER LOAN, THE ADVERTISEMENT SHALL DESIGNATE THAT THE
LENDER IS A MORTGAGE BROKER.

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

The only changes are in style.

12-511. PROHIBITED ACT — UNAUTHORIZED REPRESENTATIONS.

A MORTGAGE BANKER OR MORTGAGE BROKER MAY NOT DO
BUSINESS UNDER ANY TRADE NAME THAT REPRESENTS OR TENDS TO
REPRESENT THAT THE MORTGAGE BANKER OR MORTGAGE BROKER IS:

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

(2)   A SAVINGS AND LOAN ASSOCIATION;

(3)   A CREDIT UNION;

(4)   AN INSURANCE COMPANY;

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