2428                                    LAWS OF MARYLAND                                 Ch. 615

tenant by the entireties or through membership in a
cooperative.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 19, 1981.

CHAPTER 616

(House Bill 490)

AN ACT concerning

Maryland Secondary Mortgage Loan Law

FOR the purpose of transferring the authority to regulate
certain secondary mortgage loan licensing lenders from
the Bank Commissioner to the Commissioner of Consumer
Credit; providing that the licensing provisions of the
Maryland Secondary Mortgage Loan Law do not apply to
credit unions; deleting certain financial institutions
from the exemptions to the Maryland Secondary Mortgage
Loan Law; and generally relating to the Maryland
Secondary Mortgage Loan Law.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 12-301(b) 12-301, 12-302, 12-303, 12-304(a),

and 12-305 through 12-319, inclusive
Annotated Code of Maryland
(1980 Volume and 1980 Supplement)

BY repealing and reenacting, with amendments,

Article - Commercial Law
Section 12-407(b)
Annotated Code of Maryland
(1975 Volume and 1980 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Financial Institutions

12-301.

(a) In this subtitle the following words have the
meanings indicated.