WILLIAM DONALD SCHAEFER, Governor

Ch. 616

(2) ANY PERSON WHO VIOLATES THIS SUBSECTION IS GUILTY
OF A MISDEMEANOR AND UPON CONVICTION FOR A FIRST OFFENSE MAY BE
FINED NOT MORE THAN $500. A PERSON WHO IS CONVICTED OF A
SUBSEQUENT VIOLATION OF THIS SUBSECTION MAY BE IMPRISONED FOR NOT
MORE THAN 2 YEARS OR FINED NOT MORE THAN $2,000, OR BOTH.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved June 2, 1987.

CHAPTER 616

(Senate Bill 427)

AN ACT concerning

Mortgage Bankers and Brokers - Licensing - Exemptions

FOR the purpose of exempting from mortgage licensing requirements
any person who makes or brokers less than a certain number
of loans secured by a first mortgage or other lien on real
property in a one year period.

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 12-502(a)
Annotated Code of Maryland
(1986 Replacement Volume)

BY adding to

Article - Financial Institutions
Section 12-502(a)(7)
Annotated Code of Maryland
(1986 Replacement Volume)

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

Article - Financial Institutions

12-502.

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

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