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Ch. 692
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2000 LAWS OF MARYLAND
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(5) The assets of the violator; and
(6) Any other factors relevant to the determination of the financial
penalty.
11-523.
(a) Any person who willfully violates any provision of this subtitle or any rule
or regulation adopted under it is guilty of a [misdemeanor] FELONY and on
conviction is subject to a fine not exceeding [$5,000] $50,000 or imprisonment not
exceeding [1 year] 10 YEARS or both.
(b) Any unlicensed person who is not exempt from licensing under this
subtitle who makes or assists a borrower in obtaining a mortgage loan in violation of
this subtitle may collect only the principal amount of the loan and may not collect any
interest, costs, finder's fees, broker fees, or other charges with respect to the loan.
(c) Any mortgage lender or employee or agent of a mortgage lender who
willfully misappropriates or intentionally and fraudulently converts to the mortgage
lender's or to the mortgage lender's employee's or agent's own use moneys in excess of
$300 rightfully belonging to a borrower, or who otherwise commits any fraudulent act
in the course of engaging in the mortgage lending business is guilty of a felony and on
conviction is subject to a fine not to exceed $100,000 or imprisonment not exceeding
15 years or both.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2000.
Approved May 18, 2000.
CHAPTER 692
(House Bill 1338)
AN ACT concerning
Limited Liability Companies - Tax Exemption for Transfers of Real Property
to a Limited Liability Company and Conversions to a Limited Liability
Company
FOR the purpose of allowing a foreign general partnership or a foreign limited
partnership to convert to a Maryland limited liability company; altering the
exemption from recordation and State and county transfer taxes, for an
instrument in writing that transfers title to real property to a limited liability
company, to include transfers from a foreign general partnership, foreign
limited partnership, foreign limited liability partnership, foreign limited
liability limited partnership, foreign proprietorship, or foreign joint venture;
altering a certain definition; defining certain terms; and generally relating to
conversions to limited liability companies and the recordation and State and
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- 3536 -
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