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PARRIS N. GLENDENING, Governor
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Ch. 225
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BY adding to
Article - Tax - General
Section 10-403
Annotated Code of Maryland
(1997 Replacement Volume and 1999 Supplement)
BY repealing and reenacting, with amendments,
Article — Tax - Property
Section 7-221 and 7-221.1
Annotated Code of Maryland
(1994 Replacement Volume and 1999 Supplement)
BY repealing
Article - Tax - Property
Section 7-228
Annotated Code of Maryland
(1994 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
8-101.
(c) (1) "Financial institution" means:
(i) a credit company;
(ii) except as provided in paragraph (2)(i) of this subsection, a
finance company;
(iii) an international banking facility;
(iv) a loan company;
(v) a mortgage company;
(vi) a safe-deposit company; and
(vii) a savings and loan association.
(2) "Financial institution" does not include:
(i) a finance company that makes loans only to farmers for
agricultural purposes;
(ii) a company licensed under the federal Small Business
Investment Act of 1958;
(iii) a corporation that elects to be taxed as a small business
corporation under Subchapter S of the Internal Revenue Code;
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- 1477 -
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