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HARRY HUGHES, Governor
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SECTION 2. AND BE IT FURTHER ENACTED, That in St. Mary's
County, the alcoholic beverage board of license commissioners, as
it existed prior to January 1, 1986, is abolished on January 1,
1986 and a new board is appointed according to the terms of this
Act. Of the 5 members, members appointed from Commissioner
Districts 1, 2, and 3 will serve an initial term of 2 years; the
member appointed from Commissioner District 4 and the member
appointed from at large will serve an initial term of 4-years.
Thereafter, all members shall serve for a term of 4 years.
SECTION 3. AND BE IT FURTHER ENACTED, That the provision in
the Act prohibiting members from serving more than 2 consecutive
terms does not apply to any member serving prior to January 1,
1986 who is reappointed to serve the beginning term after January
1, 1986.
SECTION 4. AND BE IT FURTHER ENACTED, That the employees of
the board and the inspector may continue board employment after
January 1, 1986.
SECTION 5. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.
Approved May 28, 1985.
CHAPTER 665
(House Bill 909)
AN ACT concerning
Mortgage Bankers and Mortgage Brokers - Licensing and Regulation
FOR the purpose of requiring that mortgage brokers be licensed
under the Maryland Secondary Mortgage Loan Law, and
including mortgage brokers in the definition of "credit
grantor" for purposes of regulation by the Commissioner of
Consumer Credit; requiring mortgage brokerage houses bankers
and mortgage brokers to obtain and file with the Bank
Commissioner a corporate surety bond in a certain amount and
form before a mortgage broker employed by the brokerage
house may be licensed by the Bank Commissioner; providing
for a certain exception; providing for an annual audit
report; exempting certain mortgage brokers defining certain
terms; changing license fees for mortgage bankers and
mortgage brokers; providing for examinations and
investigations by the Bank Commissioner; providing for
certain fees; increasing the penalties for a violation of
the Maryland Secondary Mortgage Loan Law Mortgage Bankers
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