HARRY HUGHES, Governor

3067

investigatory, enforcement, and penalty provisions of Title 12,
Subtitle 3 of the Financial Institutions Article.

(C)(1) IN ADDITION TO THE LICENSE REQUIRED BY SUBSECTION

(A) OR (B) OR THIS SECTION, A CREDIT GRANTOR ACTING AS A

MORTGAGE BROKER, AS DEFINED UNDER TITLE 12, SUBTITLE 5 OF THE
FINANCIAL INSTITUTIONS ARTICLE, IS SUBJECT TO THE LICENSING,

INVESTIGATORY, ENFORCEMENT, AND PENALTY PROVISIONS OF THAT

SUBTITLE.

(2) A MORTGAGE BROKER MAKING A LOAN GREATER THAN
$75,000 IS EXEMPT FROM THE PROVISIONS OF THIS SECTION.

[(c)] (D) A license required by this section shall be
issued by the Commissioner of Consumer Credit.

Article - Financial Institutions

12-501.

(E) "PERSON" INCLUDES AN INDIVIDUAL, CORPORATION, BUSINESS
TRUST, ESTATE, TRUST, PARTNERSHIP, ASSOCIATION, TWO OR MORE
PERSONS HAVING A JOINT OR COMMON INTEREST, OR ANY OTHER LEGAL OR
COMMERCIAL ENTITY.

12-502.

(A) The provisions of this subtitle do not apply to:

(1) Any bank, trust company, or savings bank;

(2) Any savings and loan association;

(3) Any credit union;

(4) Any insurance company;

(5) Any licensee under the Maryland Consumer Loan
Law; or

(6) Any licensee under the Maryland Secondary
Mortgage Loan Law.

(B) LICENSEES SHALL REPORT ANNUALLY TO THE BANK
COMMISSIONER, ON A FORM PRESCRIBED BY THE BANK COMMISSIONER, ANY
RESIDENTIAL MORTGAGE LOANS UNDER $50,000 $75,000 BROKERED WITH
ANY LENDER OTHER THAN THOSE REFERRED TO IN § 12-502(A) OF THIS
SUBTITLE.

12-503.

A person may not act as a mortgage banker or mortgage broker
unless [the person]:

(1) (I) [Is] THE PERSON IS licensed by the Bank
Commissioner; [or] AND