HARRY HUGHES, Governor

3537

(1)  Contracts or like business agreements
between a State agency and another State agency or a
political subdivision of the State or other governments;

(2)  Procurement by bistate or multistate
governmental agencies;

(3)  Procurement by bicounty or multicounty
governmental agencies; [and]

(4)  Procurement by political subdivisions of the
State, including counties, municipalities, sanitary
districts, drainage districts, soil conservation districts,
and water supply districts; AND

(5)  PROCUREMENT FOR PURPOSES OF DIRECT RESALE OR
REMANUFACTURE AND SUBSEQUENT RESALE IN SUPPORT OF ENTERPRISE
ACTIVITIES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 609

(House Bill 305)

AN ACT concerning

Maryland Secondary Mortgage Loan Law

FOR the purpose of removing the maximum interest rate
limitation on secondary mortgage loans and allowing
lenders and borrowers to negotiate any rate of interest
on such loans.

FOR the purpose of establishing maximum rates of interest
that a lender may charge on second mortgage loans;
allowing lenders to collect certain fees and charges;
allowing balloon payments on certain second mortgage
loans; requiring the option of an extension of payments
in certain second mortgage loan agreements providing
for balloon payments; providing for certain consumer
protection provisions; allowing the imposition and
collection of certain fees or points pursuant to
certain federal loan purchase programs; and generally
relating to secondary mortgage loans.

BY repealing and reenacting, with amendments,