HARRY HUGHES, Governor

3881

(4) IF THE LOAN IS FOR THE PURCHASE OF CONSUMER
GOODS, THE LOAN CONTRACT COMPLIES WITH SECTION 12-117 OF THE
COMMERCIAL LAW ARTICLE; AND

(5) THE LOAN DOES NOT INCLUDE A BALLOON PAYMENT,
UNLESS PAYMENT IN FULL IS DUE ON DEMAND OR IN 1 YEAR OR
LESS.

11-301.

(b) The licensing provisions of this subtitle do not
apply to any of the following persons, if organized under
the laws of this State or otherwise qualified to do business
in this State:

(1)  A banking institution;

(2)  A national banking association;

(3)  A federal or state savings and loan
association;

(4)  A federal or state credit union; or

(5)  A licensee under [any lending law of this
State] TITLE 11, SUBTITLE 2 OF THIS ARTICLE.

11-302.

(a) In this section, "installment loan" means [an
installment] A loan made for consideration under §
12-103(A)(3) OR (c) of the Commercial Law Article.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act

shall take effect July 1, 1982.

14-1302.

(a) (12) "AMOUNTS PAID BY THE DEBTOR" SHALL INCLUDE
ALL AMOUNTS PAID BY THE DEBTOR AND ANY REMAINING AMOUNT DUE
UNDER THE CONTRACT.

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

Approved June 1, 1982.

CHAPTER 754
(House Bill 1860)