Ch. 476

LAWS OF MARYLAND

SECTION 2. 3. AND BE IT FURTHER ENACTED, That the, changes
to Article 2B, Sections 5(i)(2), (3),(4), and (5) and 110 (e) and
Article - Tax - General, Sections 5-201(b) and 5-301(b)(4) made
by this Act shall take effect July 1, 1989.

Approved May 19, 1989.

CHAPTER 476

(House Bill 1604)

AN ACT concerning

Mortgage Lenders - Regulation

FOR the purpose of repealing the provisions regulating the
licensing provisions of the Maryland Secondary Mortgage Loan
Law and the licensing provisions relating to mortgage
bankers and mortgage brokers; creating a new subtitle to
provide for the licensing and regulation of mortgage lenders
by the Commissioner of Consumer Credit; defining certain
terms; providing for the scope and duration of a mortgage
lender's license; creating certain exemptions; providing for
certain application procedures and requirements for
licensure; providing for a certain bond; prohibiting certain
practices, identifying certain violations, and providing for
certain penalties; requiring certain corporations to be
subject to the licensing provisions of this Act; providing
for certain examinations, investigations, and other
regulation of mortgage lenders; providing for certain fees;
clarifying certain provisions relating to financing
agreements and commitments on certain mortgages or deeds of
trust and clarifying their applicability to certain
provisions of the Commercial Law Article; requiring certain
servicers to provide a certain toll-free telephone number;
providing for a certain registration for certain servicers;
providing for the applicability of the provisions of this
Act relating to licensure to mortgage bankers and mortgage
brokers; and generally relating to the licensing and
regulation of mortgage lenders and the revision of laws
dealing with licensing and regulation of lenders under the
mortgage bankers and mortgage brokers law and the Maryland
Secondary Mortgage Loan Law.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 12-401(b), (c), and (i), 12-402, 12-415, 12-913,

12-915, 12-1013, and 12-1015
Annotated Code of Maryland

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