730

LAWS OF MARYLAND

Ch. 33

(D)   [(e)] Lien on real property.
"Lien on real property" includes:

(1)   A confessed judgment note or consent
judgment required by a person who ordinarily requires such
an instrument for the purpose of acquiring a lien on
property described in subsection [(j)] (I) of this section;
and

(2)   A sale and leaseback required by a person
for that purpose.

(E)   [(f)] Loan.

"Loan" means a secondary mortgage loan.

(F) [(g)] Net proceeds.

"Net proceeds" means the difference between:

(1)   The full amount of a secondary mortgage
loan; and

(2)   The amount of interest taken in advance on
the loan plus the amount of the loan origination fee.

(G) [(h)] Payment period.

"Payment period" means the period scheduled by the
terms of a loan to elapse between the days on which
installment payments are required to be made on the loan.

(H) [(i)] Person.

"Person" includes an individual, corporation, business
trust, estate, trust, partnership, association, two or more
persons having a joint or common interest, or any other
legal or commercial entity.

(I) [(1)] Secondary mortgage loan.

(1)   "Secondary mortgage loan" means a loan or
deferred purchase price secured in whole or in part by a
mortgage, deed of trust, security agreement, or other lien
on real property located in the State, which property:

(i) Is subject to the lien of one or more
prior encumbrances, except a ground rent or other leasehold
interest; and

(ii) Has a dwelling on it designed
principally as a residence with accommodations for not more
than four families.

(2)   "Secondary mortgage loan" does not include: