1574                                         LAWS OF MARYLAND                                     Ch. 114

EXEMPTED FROM THE PROVISIONS OF SECTION 5-903(B)(4) AND,
NOTWITHSTANDING THE PROVISIONS OF THIS SUBSECTION, MAY BE
PERMITTED TO ESTABLISH NOT MORE THAN 10 ADDITIONAL OFFICES OPEN
TO THE PUBLIC TO CONDUCT BANKING BUSINESS, DURING EACH OF THE
NEXT 4 SUCCEEDING 12-MONTH PERIODS THAT FOLLOW THE FINDING OF THE
COMMISSIONER REQUIRED BY SECTION 5-903(C)(3). IF NATIONAL
RECIPROCAL INTERSTATE BANKING IS AUTHORIZED IN THIS STATE BY
STATE LAW, ADDITIONAL BANKING OFFICES MAY BE APPROVED IN
ACCORDANCE WITH LAW.

(C) IN THE EVENT THAT AN ORDER REFERRED TO IN SUBSECTION
(A) OF THIS SECTION AND AN ORDER REFERRED TO IN SUBSECTION (B) OF
THIS SECTION ARE BOTH ENTERED, THE PROVISIONS OF SUBSECTION (B)
OF THIS SECTION SHALL PREVAIL TO THE EXTENT OF ANY INCONSISTENCY.

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

take effect July 1, 1985.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect on July 1, 1985, contingent upon the taking effect of
Chapter of the Acts of 1985 (H.B. 1505 or S.B. 584), and if
Chapter does not become effective this Act is null and void
without the necessity of further action by the General Assembly.

Approved May 21, 1985.

CHAPTER 115

(House Bill 1288)

AN ACT concerning

Consumer Protection - Commercial Loans to Individuals

FOR the purpose of providing certain consumer protections to
individuals who receive certain commercial loans secured by
residential property; raising a certain loan limit below
which certain interest rate ceilings and other loan
restrictions would apply; providing for certain exceptions;
providing that certain commercial loans to individuals shall
be treated as secondary mortgage loans; allowing balloon
payments under certain conditions; setting a certain limit
on points and other fees for certain commercial loans to
individuals; providing that certain commercial loans to
individuals shall be regulated as revolving credit loans or
closed end credit loans; requiring certain secondary
mortgage lenders to be licensed; removing the exemption from
licensing for certain lenders; defining certain terms and
generally relating to commercial loans to individuals.