WILLIAM DONALD SCHAEFER, Governor Ch. 476

has not yet incorporated or prepared documentation of proof of
ownership of a commercial enterprise, an affidavit by itself is
sufficient if it states the purpose for which the proceeds are to
be used and the nature of the business conducted by the borrower.

12-402.

A person may not make a loan under this subtitle unless he
is licensed under or exempt from the licensing requirements of
the Maryland [Secondary] Mortgage [Loan] LENDER Law [— Licensing
Provisions].

12-415.

[(a)] This subtitle may be cited as the Maryland Secondary
Mortgage Loan Law [-- Credit Provisions.

(b) This subtitle and the Maryland Secondary Mortgage Loan
Law -- Licensing Provisions may be cited jointly as the Maryland
Secondary Mortgage Loan Law].

12-801.

[(d) "Lender" means a person who makes a loan or advance of
money. ]

(D)   "LENDER" MEANS A PERSON DEFINED AS A MORTGAGE LENDER
UNDER § 11-501(H)(1)(II) OF THE FINANCIAL INSTITUTIONS ARTICLE.

[(e) "Mortgage broker" means a person who procures a loan
or advance of money or who arranges or otherwise assists a
borrower in obtaining a loan or advance of money.]

(E)   "MORTGAGE BROKER" MEANS A PERSON DEFINED AS A MORTGAGE
LENDER UNDER § 11-501(H)(1)(I) OF THE FINANCIAL INSTITUTIONS
ARTICLE.

12-913.

(A)  The provisions of any other law of this State limiting
the rate or amount of interest, discounts, points, finance
charges, service charges, fees, fines, commissions, costs,
expenses, or other charges which may be charged, taken,
collected, received, or reserved may not apply to extensions of
credit under a revolving credit plan under this subtitle.

(B)  TO THE EXTENT APPLICABLE, A CREDIT GRANTOR SHALL COMPLY
WITH § 12-125 OF THIS TITLE.

12-915.

(a) Except for a seller of goods or services not engaged in
making cash advances to be paid to or for the account of a

- 3049 -