WILLIAM DONALD SCHAEFER, Governor                            Ch. 740

(b)     In addition to [the] ANY license WHICH MAY BE required by subsection (a)
of this section, a credit grantor making a loan or extension of credit under this subtitle
secured by [a secondary] ANY lien on residential real property is subject to the licensing,
investigatory, enforcement and penalty provisions of Title 11, Subtitle 5 of the Financial
Institutions Article UNLESS THE CREDIT GRANTOR OR THE LOAN OR EXTENSION OF
CREDIT IS EXEMPT UNDER TITLE 11, SUBTITLE 5 OF THE FINANCIAL INSTITUTIONS
ARTICLE.

(c)       [A] IF A license IS required by this [section] SECTION, IT shall be issued by
the Commissioner of Consumer Credit.

(D) (1) AN EXTENSION OF CREDIT MADE UNDER THIS SUBTITLE PRIOR TO
OCTOBER 1, 1994 BY A HOME IMPROVEMENT CONTRACTOR MAY NOT BE DEEMED
UNENFORCEABLE OR VIOLATIVE OF THIS SECTION BECAUSE THE CONTRACTOR
WAS NOT LICENSED UNDER TITLE 11, SUBTITLE 3 OF THE FINANCIAL INSTITUTIONS
ARTICLE.

(2) PARAGRAPH (1) OF THIS SUBSECTION DOES NOT APPLY TO ANY
PERSON ENGAGED IN THE BUSINESS OF MAKING LOANS AT THE TIME THE CREDIT
WAS EXTENDED.

12-1015.

(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 borrower, a] A credit grantor making a loan or an
extension of credit under this subtitle is subject to the licensing, investigatory,
enforcement and penalty provisions of Title 11, Subtitle 3 of the Financial Institutions
Article UNLESS THE CREDIT GRANTOR OR THE LOAN OR EXTENSION OF CREDIT IS
EXEMPT UNDER TITLE 11, SUBTITLE 5 3 OF THE FINANCIAL INSTITUTIONS ARTICLE.

(b)     In addition to [the] ANY license WHICH MAY BE required by subsection (a)
of this section, a credit grantor making a loan or extension of credit under this subtitle
secured by [a secondary] ANY lien on residential real property is subject to the licensing,
investigator}', enforcement and penalty provisions of Title 11, Subtitle 5 of the Financial
Institutions Article UNLESS THE CREDIT GRANTOR OR THE LOAN OR EXTENSION OF
CREDIT IS EXEMPT UNDER TITLE 11, SUBTITLE 5 OF THE FINANCIAL INSTITUTIONS
ARTICLE.

(c)      [A] IF A license IS required by this [section] SECTION, IT shall be issued by
the Commissioner of Consumer Credit.

(D) (1) AN EXTENSION OF CREDIT MADE UNDER THIS SUBTITLE PRIOR TO
OCTOBER 1, 1994 BY A HOME IMPROVEMENT CONTRACTOR MAY NOT BE DEEMED
UNENFORCEABLE OR VIOLATIVE OF THIS SECTION BECAUSE THE CONTRACTOR
WAS NOT LICENSED UNDER TITLE 11, SUBTITLE 3 OF THE FINANCIAL INSTITUTIONS
ARTICLE.

(2) PARAGRAPH (1) OF THIS SUBSECTION DOES NOT APPLY TO ANY
PERSON ENGAGED IN THE BUSINESS OF MAKING LOANS AT THE TIME THE CREDIT
WAS EXTENDED.

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