WILLIAM DONALD SCHAEFER, Governor Ch. 476

13-316.

(F) A SERVICER SHALL PROVIDE A TOLL-FREE TELEPHONE NUMBER
THROUGH WHICH ANY BORROWER RESIDING IN THIS STATE MAY DIRECT
TELEPHONE INQUIRIES ON OUTSTANDING LOANS DURING REGULAR BUSINESS
HOURS.

SECTION 2. AND BE IT FURTHER ENACTED, That Section(s)
12-301 through 12-310, 12-312 through 12-321, 12-501 through
12-513, inclusive, and Subtitles 3 and 5 of Title 12 of Article -
Financial Institutions of the Annotated Code of Maryland be
repealed.

SECTION 3. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article - Financial Institutions

9-804.

(A)  For the purposes of this article and the Corporations
and Associations Article, in addition to the activities listed in
CA §§ 7-103 and 7-104, the following activities of a foreign
association do not constitute doing business or having tax situs
in this State:

(1)  Making or investing in loans on property in this
State;

(2)  Purchasing, acquiring, holding, selling,
assigning, transferring, collecting, or enforcing by foreclosure
or otherwise any whole or partial interest in any obligation
secured by a mortgage or similar instrument, covering property in
this State; or

(3)  Employing an attorney, surveyor, or appraiser in
connection with any activity permitted by this section or the
servicing and collection of any investment in this State through
a corporation that is authorized to do business in this State.

(B)  NOTHING IN THIS SECTION EXEMPTS A FOREIGN CORPORATION
FROM THE LICENSING REQUIREMENTS OF TITLE 11, SUBTITLE 5 OF THIS
ARTICLE.

SUBTITLE 5. MARYLAND MORTGAGE LENDER LAW

11-501.

(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

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