2430                                    LAWS OF MARYLAND                                 Ch. 616

The licensing provisions of this subtitle do not apply:

(1)  To any bank, trust company, savings bank,
savings and loan association, insurance company, STATE OR
FEDERALLY CHARTERED CREDIT UNION, or [other financial
institution whose power to engage in mortgage loan
transactions is regulated by any other law of this State or
of the United States] CREDIT UNION;

(2)  During any calendar year, to any person who
makes fewer than ten secondary mortgage loans during that
year;

(3)  To a person who takes back a deferred
purchase money secondary mortgage in connection with the
sale of the person's own residence;

(4)  To a person who takes back a deferred
purchase money secondary mortgage in connection with the
sale of a new residential dwelling that the person built; or

(5)  To any nonprofit religious or charitable
organization.

12-303.

The [Bank] Commissioner OF CONSUMER CREDIT AND THE BANK
COMMISSIONER JOINTLY may adopt rules and regulations to
carry out the provisions of this subtitle.

12-304.

(a) A person may not make a secondary mortgage loan
unless the person:

(1)  Is licensed by the [Bank] Commissioner OF
CONSUMER CREDIT; or

(2)  Is a person exempted from licensing under
this subtitle.

12-305.

(a) To qualify for a license, an applicant shall:

(1)  Have been a resident of this State for at
least 6 months before applying for the license; and

(2)  Satisfy the [Bank] Commissioner OF CONSUMER
CREDIT that the applicant has sufficient business
experience, moral character, financial responsibility, and
general fitness to:

(i) Command the confidence of the public;
and