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PARRIS N. GLENDENING, Governor Ch. 522
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(C) THE FOLLOWING LENDERS ARE EXEMPT FROM THE REQUIREMENTS
RELATING TO REGISTRATION UNDER THIS TITLE WHEN THE LENDER HIRES A
SECOND REGISTERED HOME BUILDER WHO WOULD UNDERTAKE TO COMPLETE A
FIRST HOME BUILDER'S UNFINISHED PROJECT PURSUANT TO A DEFAULT IN
OBLIGATIONS OF THE FIRST HOME BUILDER TO THE LENDER:
(1) A MORTGAGE LENDER AS DEFINED IN § 11-501(J)(1)(II) OF THE
FINANCIAL INSTITUTIONS ARTICLE THAT IS A LICENSEE UNDER TITLE 11, SUBTITLE
5 OF THE FINANCIAL INSTITUTIONS ARTICLE;
(2) A 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;
(3) AN OUT-OF-STATE BANK AS DEFINED IN § 5-1001 OF THE FINANCIAL
INSTITUTIONS ARTICLE THAT HAS A BRANCH IN THIS STATE THAT ACCEPTS
DEPOSITS;
(4) AN INSTITUTION INCORPORATED UNDER FEDERAL LAW AS A
SAVINGS ASSOCIATION OR SAVINGS BANK THAT DOES NOT MAINTAIN ITS PRINCIPAL
OFFICE IN THIS STATE BUT HAS A BRANCH THAT ACCEPTS DEPOSITS IN THIS STATE;
AND
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(5) A SUBSIDIARY OR AFFILIATE OF AN INSTITUTION DESCRIBED IN
PARAGRAPH (2), (3), OR (4) OF THIS SUBSECTION THAT 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.
(D) AN EXEMPT LENDER IS SUBJECT ONLY TO §§ 4.5-202(C), 4.5-101, 4.5-503,
4.5-601, 4.5-602, AND 4.5-603 OF THIS TITLE.
4.5-602. 4.5-502.
(A) SUBJECT TO THE NOTICE AND HEARING PROVISIONS OF TITLE 10,
SUBTITLE 2 OF THE STATE GOVERNMENT ARTICLE, THE DIRECTOR DIVISION MAY
BRING A CIVIL ADMINISTRATIVE ACTION AGAINST A PERSON THAT VIOLATES §
4.5-601(A) § 4.5-501(A) OF THIS SUBTITLE.
(B) AFTER A HEARING, IF THE DIRECTOR FINDS THAT THE PERSON HAS
VIOLATED § 4.5-601(A) § 4.5-501(A) OF THIS SUBTITLE, THE DIRECTOR MAY:
(1) ORDER THE PERSON TO CEASE AND DESIST FROM THE UNLAWFUL
PRACTICE; AND
(2) IMPOSE A CIVIL PENALTY OF NOT MORE THAN $1,000 FOR EACH DAY
OF UNLAWFUL PRACTICE.
(C) ANY PARTY AGGRIEVED BY A DECISION AND ORDER OF THE DIRECTOR
UNDER THIS SECTION MAY MAKE AN APPEAL AS PROVIDED UNDER §§ 10-222 AND
10-223 OF THE STATE GOVERNMENT ARTICLE.
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- 2801 -
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