726

LAWS OF MARYLAND

Ch. 33

derived without substantive change from Art. 23,
§ 161HH.

In subsection (a) (2) of this section, the phrase
"has an office in this State" is substituted for
"admitted to do business in this State" since
there are federal associations with offices in
this State that were grandfathered by earlier
legislation. Currently there are no foreign
associations admitted to do business.

In subsection (b) of this section, the present
phrase "for the use of the State" is deleted as
unnecessary.

In subsection (c) of this section, the present
phrase "its free shares purchased in the State of
Maryland and its other" (deposits) is deleted as
included in "deposits".

Also in subsection (c) of this section, the term
"originated" is added for clarity to avoid
possible confusion created by the phrase
"deposits in this State".

In subsection (d) of this section, the phrase "in
the manner other taxes are reported" is
substituted for "as other state taxes" for
clarity.

As to subsection (e) of this section, the present
phrase "commencing on April 15, 1962" is deleted
as obsolete.

In subsection (f) of this section, the word
"Maryland" is added for emphasis.

As to the terms "federal association" and
"savings and loan association", see § 9-101 of
the Financial Institutions Article.

As to the term "foreign association" see § 9—801
of the Financial Institutions Article.

Article — Commercial Law

12-301.

(d) Licensee.

"Licensee" means a person who is licensed under TITLE
11, SUBTITLE 2 OF THE FINANCIAL INSTITUTIONS ARTICLE, the
Maryland Consumer Loan Law—Licensing Provisions.

SUPPLEMENTAL REVISOR'S NOTE TO SECTION: The definition
contained in this section is intended to be