Ch. 747

LAWS OF MARYLAND

(e) (F) Any person who is convicted of a violation of any
of the provisions of this section is guilty of a misdemeanor and
is subject to a fine of not more than $500.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is an
emergency measure, is necessary for the immediate preservation of
the public health and safety, has been passed by a yea and nay
vote supported by three-fifths of all the members elected to each
of the two Houses of the General Assembly, and shall take effect
from the date it is enacted shall take effect July 1, 1988.

Approved May 27, 1988.

CHAPTER 747

(House Bill 1428)

AN ACT concerning

Real Property - Mortgage Loan Settlement

FOR the purpose of deleting a requirement, relating to including
certain teller's checks among those forms of payment
acceptable for a financial institution to disburse purchase
money loans for certain real property, that the financial
institution on which the lender's check is drawn be located
in the 5th Federal Reserve District.

BY repealing and reenacting, with amendments,

Article - Real Property

Section 7-109

Annotated Code of Maryland

(1981 Replacement Volume and 1987 Supplement)

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

Article - Real Property

7-109.

(a)  This section applies only to a transaction involving a
purchase money loan secured by first deeds of trust or mortgages
on real property that contains no more than 4 dwelling units.

(b)  In any transaction for the sale of real property, on or
before the day of closing, a lender shall disburse the loan to

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