Ch. 476

LAWS OF MARYLAND

(E) THIS SECTION DOES NOT APPLY TO ANY APPROVED SERVICER OR
OUT OF STATE SERVICER THAT MAKES OR BROKERS ANY MORTGAGE LOAN IN
THIS STATE.

(F) ANY MORTGAGE LENDER CLAIMING AN EXEMPTION UNDER THIS
SECTION FROM THE LICENSING AND BONDING REQUIREMENTS OF THIS
SUBTITLE SHALL FILE ANNUALLY WITH THE COMMISSIONER INFORMATION
SATISFACTORY TO THE COMMISSIONER THAT THE MORTGAGE LENDER SHOULD
BE EXEMPT.

11-523.

(A)  ANY PERSON WHO WILLFULLY VIOLATES ANY PROVISION OF THIS
SUBTITLE OR ANY RULE OR REGULATION ADOPTED UNDER IT IS GUILTY OF
A MISDEMEANOR AND ON CONVICTION IS SUBJECT TO A FINE NOT
EXCEEDING $5,000 OR IMPRISONMENT NOT EXCEEDING 1 YEAR OR BOTH.

(B)  EXCEPT FOR A BONA FIDE ERROR OF COMPUTATION, ANY
UNLICENSED PERSON CLAIMING AN EXEMPTION FROM LICENSING WHO IS NOT
EXEMPT FROM LICENSING UNDER THIS SUBTITLE WHO VIOLATES ANY
PROVISION OF THIS SUBTITLE MAY COLLECT ONLY THE PRINCIPAL AMOUNT
OF ANY LOAN AND MAY NOT COLLECT ANY INTEREST, COSTS, OR OTHER
CHARGES WITH RESPECT TO THE LOAN.

11-524.

THIS SUBTITLE MAY BE CITED AS THE MARYLAND MORTGAGE LENDER
LAW.

SECTION 4. AND BE IT FURTHER ENACTED, That the licensing
provisions of this Act shall not be construed to apply until
January 1, 1990 to any person licensed or exempt from licensure
under Title 12, Subtitle 3 of the Financial Institutions Article
immediately prior to the effective date of this Act. Until
January 1, 1990, any person licensed or exempt from licensure
under Title 12, Subtitle 3 of the Financial Institutions Article
immediately prior to the effective date of this Act, shall be
construed to be licensed under this Act and shall be subject to
the provisions of this Act, other than the licensing
requirements, and to any enforcement action taken by the
Commissioner of Consumer Credit as if the person were a licensee
under this Act.

SECTION 5. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1989.

Approved May 19, 1989.

- 3068 -