PARRIS N. GLENDENING, Governor                             Ch. 588

(v) Any person engaged exclusively in the acquisition of all or any
portion of a mortgage loan under any federal, State, or local governmental program of
mortgage loan purchases.

(K) (1) "MORTGAGE LENDING BUSINESS" MEANS THE ACTIVITIES SET
FORTH IN THE DEFINITION OF "MORTGAGE LENDER" IN SUBSECTION (J) OF THIS
SECTION WHICH REQUIRE THAT PERSON TO BE LICENSED UNDER THIS SUBTITLE

(2) "MORTGAGE LENDING BUSINESS" INCLUDES THE MAKING OR
PROCURING OF MORTGAGE LOANS SECURED BY RESIDENTIAL REAL PROPERTY
LOCATED OUTSIDE MARYLAND.

[(j)] (L) (1) "Mortgage loan" means any loan or other extension of credit that
is:

(i) Secured, in whole or in part, by any interest in residential real
property in Maryland; and

(ii) 1. If for personal, household, or family purposes, in any
amount; or

2. If for commercial purposes, not in excess of $75,000.

(2) "Mortgage loan" does not include any loan for commercial purposes that
is:

(i) Secured, in whole or in part, by any interest in residential real
property in Maryland;

(ii) In excess of $75,000; and

(iii) Supported by independent evidence of the commercial purpose.

[(k)](M) "Person" includes an individual, corporation, business trust, estate,
trust, partnership, association, 2 or more persons having a joint or common interest, or
any other legal or commercial entity.

[(1)] (N) "Residential real property" means any owner-occupied real property
located in Maryland, which property has a dwelling on it designed principally as a
residence with accommodations for not more than 4 families, but does not include any
real property held primarily for rental, investment, or the generation of income through
any commercial or industrial enterprise.

[ (m)] (O) "State" means the State of Maryland.
11-502.

(a) IN THIS SECTION. "AFFILIATE" MEANS ANY COMPANY THAT CONTROLS, IS
CONTROLLED BY, OR IS UNDER COMMON CONTROL WITH AN INSTITUTION
DESCRIBED IN SUBSECTION (C) OF THIS SECTION.

(B) The provisions of this subtitle do not apply to:

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