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PARRIS N. GLENDENING, Governor
Ch. 127
12. INTERESTS IN A REMIC, OR OTHER MORTGAGE BACKED
OR ASSET BACKED SECURITY; AND
13. OTHER SIMILAR ITEMS.
(11) "LOAN SECURED BY REAL PROPERTY" MEANS THAT FIFTY PERCENT
OR MORE OF THE AGGREGATE VALUE OF THE COLLATERAL USED TO SECURE A
LOAN OR OTHER OBLIGATION, WHEN VALUED AT FAIR MARKET VALUE AS OF THE
TIME THE ORIGINAL LOAN OR OBLIGATION WAS INCURRED, WAS REAL PROPERTY.
(12) "MERCHANT DISCOUNT" MEANS THE FEE OR NEGOTIATED
DISCOUNT CHARGED TO A MERCHANT BY THE FINANCIAL INSTITUTION FOR THE
PRIVILEGE OF PARTICIPATING IN A PROGRAM WHEREBY A CREDIT CARD IS
ACCEPTED IN PAYMENT FOR MERCHANDISE OR SERVICES SOLD TO THE CARD
HOLDER.
(13) "PARTICIPATION" MEANS AN EXTENSION OF CREDIT IN WHICH AN
UNDIVIDED OWNERSHIP INTEREST IS HELD ON A PRO RATA BASIS IN A SINGLE
LOAN OR POOL OF LOANS AND RELATED COLLATERAL. IN A LOAN PARTICIPATION,
THE CREDIT ORIGINATOR INITIALLY MAKES THE LOAN AND THEN SUBSEQUENTLY
RESELLS ALL OR A PORTION OF IT TO OTHER LENDERS. THE PARTICIPATION MAY
OR MAY NOT BE KNOWN TO THE BORROWER.
(14) "PAYROLL FACTOR" MEANS THE FRACTION RESULTING FROM THE
COMPUTATION IN SUBSECTION (E) OF THIS SECTION.
(15) "PERSON" MEANS AN INDIVIDUAL, ESTATE, TRUST, PARTNERSHIP,
CORPORATION, AND ANY OTHER BUSINESS ENTITY.
(16) (I) "PRINCIPAL BASE OF OPERATIONS" WITH RESPECT TO
TRANSPORTATION PROPERTY MEANS THE PLACE OF MORE OR LESS PERMANENT
NATURE FROM WHICH THE PROPERTY IS REGULARLY DIRECTED OR CONTROLLED.
(II) WITH RESPECT TO AN EMPLOYEE, THE "PRINCIPAL BASE OF
OPERATIONS" MEANS THE PLACE OF MORE OR LESS PERMANENT NATURE FROM
WHICH THE EMPLOYEE REGULARLY:
1. STARTS HIS OR HER WORK AND TO WHICH HE OR SHE
CUSTOMARILY RETURNS IN ORDER TO RECEIVE INSTRUCTIONS FROM HIS OR HER
EMPLOYER; OR
2. COMMUNICATES WITH HIS OR HER CUSTOMERS OR
OTHER PERSONS; OR
3. PERFORMS ANY OTHER FUNCTIONS NECESSARY TO THE
EXERCISE OF HIS OR HER TRADE OR PROFESSION AT SOME OTHER POINT OR
POINTS.
(17) "PROPERTY FACTOR" MEANS THE FRACTION RESULTING FROM THE
COMPUTATION IN SUBSECTION (D) OF THIS SECTION.
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