HARRY HUGHES, Governor

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(b) Escaped property shall be assessed under [§ 14-402] §
8-417 at the time the property is located and for NOT MORE THAN
the 3 preceding taxable years.

SECTION 2. AND BE IT FURTHER ENACTED, That the provisions of
this Act are intended to take priority over any conflicting

changes enacted by Chapter -----of the Acts of 1986 (S.B. 999),

whether this Act is signed by the Governor prior to or after that
Act.

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1986.

Approved May 27, 1986.

CHAPTER 823

(House Bill 1800)

AN ACT concerning

Secondary Mortgage Loans - Exemption from Licensing

FOR the purpose of exempting from the licensing requirements for
secondary mortgage loans any licensed home improvement
contractor who assigns to a certain institution or person
without recourse a mortgage within a certain period of time
after completion of the contract; and adding a certain
further exemption to the prohibition on a person who
executes any mortgage or evidence of indebtedness at any
place for which the person does not have a license; and
generally relating to secondary mortgage loans.

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 12-302 and 12-304
Annotated Code of Maryland
(1980 Volume and 1985 Supplement)

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

Article - Financial Institutions

12-302.

The licensing provisions of this subtitle do not apply: