PARRIS N. GLENDENING, Governor                                 Ch. 588

(11)    (I) A SUBSIDIARY OR AFFILIATE OF AN INSTITUTION DESCRIBED
IN SUBPARAGRAPH (II) OF THIS PARAGRAPH SUBSECTION (C) OF THIS SECTION,
WHICH SUBSIDIARY OR AFFILIATE:

1. (I) IS SUBJECT TO AUDIT OR EXAMINATION BY A
REGULATORY BODY OR AGENCY OF THIS STATE, THE UNITED STATES, OR THE
STATE WHERE THE SUBSIDIARY OR AFFILIATE MAINTAINS ITS PRINCIPAL OFFICE;
AND

2. (II) FILES WITH THE COMMISSIONER, PRIOR TO MAKING
MORTGAGE LOANS, INFORMATION SUFFICIENT TO IDENTIFY:

A. 1. THE CORRECT CORPORATE NAME OF THE
SUBSIDIARY OR AFFILIATE;

B. 2. AN ADDRESS AND TELEPHONE NUMBER OF A
CONTACT PERSON FOR THE SUBSIDIARY OR AFFILIATE;

C. 3. A RESIDENT AGENT; AND

D. 4. ANY ADDITIONAL INFORMATION CONSIDERED
NECESSARY BY THE COMMISSIONER FOR PROTECTION OF THE PUBLIC;

(II) THE EXEMPTION IN SUBPARAGRAPH (I) OF THIS PARAGRAPH
APPLIES TO SUBSIDIARIES AND AFFILIATES OF:

1. ANY BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS
AND LOAN ASSOCIATION, OR CREDIT UNION INCORPORATED OR CHARTERED
UNDER THE LAWS OF THIS STATE OR THE UNITED STATES THAT MAINTAINS ITS
PRINCIPAL OFFICE IN THIS STATE; OR

2. ANY OUT OF STATE BANK, AS THAT TERM IS DEFINED IN
§ 5-1001 OF THIS ARTICLE, HAVING A BRANCH IN THIS STATE;

(12)    ANY EMPLOYEE BENEFIT PLAN QUALIFIED UNDER INTERNAL
REVENUE CODE § 401 OR PERSONS ACTING AS FIDUCIARIES WITH RESPECT TO SUCH
A PLAN, MAKING MORTGAGE LOANS SOLELY TO PLAN PARTICIPANTS FROM PLAN
ASSETS; OR

(13)    EMPLOYEES ACTING WITHIN THE SCOPE OF THEIR EMPLOYMENT
WITH:

(I)      A LICENSED MORTGAGE LENDER; OR

(II)     A PERSON WHO IS EXEMPT FROM LICENSURE UNDER THIS
SUBTITLE

(C) THE EXEMPTION IN SUBSECTION (B)(11) OF THIS SECTION APPLIES TO
SUBSIDIARIES AND AFFILIATES OF:

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