Ch. 588                                   1997 LAWS OF MARYLAND

expressing a public policy concerning this State's law applicability to certain home
equity lines of credit secured by secondary liens on residential real property;
establishing a Task Force to Examine the Mortgage Lending Business; specifying
the purpose and responsibilities of the Task Force: requiring the Task Force to
report to certain committees and certain persons by a certain date; providing for the
composition of the Task Force; incorporating criminal penalties for conviction of
fraudulent misappropriation of moneys belonging to a borrower; encouraging the
retention and creation of jobs in the financial services industry in this State;
encouraging investment in second mortgages secured by property located in this
State; revising the payment schedule of certain licensing fees and altering the term
of certain licenses; making certain technical corrections; and generally relating to
the licensing and regulation of the mortgage lenders and brokers and the regulation
of residential mortgage lending in this State.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 11-501, 11-502, 11-505(e), 11-506, 11-507, 11-508, 11-511, 11-512, and
11-523

Annotated Code of Maryland

(1992 Replacement Volume and 1996 Supplement)

BY adding to

Article - Financial Institutions

Section 11-506.1 and 11-521.1

Annotated Code of Maryland

(1992 Replacement Volume and 1996 Supplement)

BY repealing and reenacting, with amendments,
Article - Commercial Law

Section 12-903(a), 12-913.1 12-905(e), and 12-1005(a)
Annotated Code of Maryland
(1990 Replacement Volume and 1996 Supplement)

BY repealing

Article - Commercial Law

Section 12-905(g)

Annotated Code of Maryland

(1990 Replacement Volume and 1996 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

11-501.

(a) In this subtitle the following words have the meanings indicated.

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