HARRY HUGHES, Governor

2429

(B) "COMMISSIONER" MEANS;

(1)  THE COMMISSIONER OF CONSUMER CREDIT AS TO
ANY PERSON LICENSED IN ANY CAPACITY BY THE COMMISSIONER OF
CONSUMER CREDIT; AND

(2)  THE BANK COMMISSIONER AS TO ANY OTHER
PERSON.

(b) (C) "License" means a license issued by the [Bank]
Commissioner OF CONSUMER CREDIT under this subtitle to make
secondary mortgage loans.

[(c)] (D) "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 (f) of this section; and

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

[(d)] (E) "Maryland Secondary Mortgage Loan Law" means
this subtitle and Title 12, Subtitle 4 of the Commercial Law
Article.

[(e)] (F) "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.

[(f)] (G) (1) "Secondary mortgage loan" means a loan
or deferred purchase price secured in whole or in part by a
mortgage, security agreement, or other lien on real property
that is located in this 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 that is designed
principally as a residence with accommodations for not more
than four families.

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

(i) A loan to any corporation unless the
lender required the borrower to incorporate as a condition
for obtaining the loan; or

(ii) A commercial loan of more than
$5,000, as defined in § 12-101(c) of the Commercial Law
Article.

12-302.