3064

LAWS OF MARYLAND

Ch. 665

and Mortgage Brokers Law; generally relating to the
licensing and regulation of Mortgage Brokers and Mortgage
Bankers; and making stylistic changes.

BY repealing and reenacting, with amendments,

Article - Commercial Law Financial Institutions
Section 12-401(b) and (i)(2), 12-901(b), 12-915, 12-1001(b),

and 12-1015 Section 12-504
Annotated Code of Maryland
(1983 Replacement 1980 Volume and 1984 Supplement)

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 12-503, 12-502, 12-503, and 12-507.1(b) and 12-512

Annotated Code of Maryland

(1980 Volume and 1984 Supplement)

BY adding to

Article - Financial Institutions

Section 12-503.2 and 12-503.3 12-501(e), 12-504, and

12-507.1(e)
Annotated Code of Maryland
(1980 Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Commercial Law

12-401.

(b) Lender means:

(1) A licensee; [or]

(2) A PERSON WHO, IN THE REGULAR COURSE OF BUSINESS,
ASSISTS A PERSON IN OBTAINING A SECONDARY MORTGAGE LOAN IF THE
LOAN OR OTHER LIEN IS LESS THAN $75,000; OR

(3) A person who makes a secondary mortgage loan but
is exempt expressly from the licensing requirements of the
Maryland Secondary Mortgage Loan Law Licensing Provisions.

(i)(2) "Secondary mortgage loan" does not include:

(i) A loan to any corporation unless the lender
required the borrower to incorporate as a condition for obtaining
the loan; or