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H.B. 811
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VETOES
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(2) IN THE CASE OF A BUSINESS ENTITY THAT DOES NOT HAVE
SECURITIES REGISTERED FOR TRADING ON A NATIONAL EXCHANGE, THE NAMES,
ADDRESSES, AND SOCIAL SECURITY NUMBERS OF ALL INDIVIDUALS HOLDING A 35%
OR GREATER OWNERSHIP INTEREST IN THE HOME BUILDER
4-2002.
(A) EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION, A PERSON
MAY NOT CLAIM TO BE A HOME BUILDER OR ACT AS A HOME BUILDER UNLESS THE
PERSON HAS BEEN ISSUED A BUILDER REGISTRATION NUMBER BY THE CHIEF IN
ACCORDANCE WITH THIS SUBTITLE.
(B) EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION, A CONTRACT
FOR THE PERFORMANCE OF ANY ACT FOR WHICH A BUILDER REGISTRATION
NUMBER IS REQUIRED IS NOT ENFORCEABLE UNLESS THE HOME BUILDER WAS
REGISTERED AT THE TIME THE CONTRACT WAS SIGNED BY THE OWNER.
(C) THE FOLLOWING LENDERS ARE EXEMPT FROM THE REQUIREMENTS
RELATING TO REGISTRATION UNDER THIS SUBTITLE WHEN THE LENDER
UNDERTAKES TO COMPLETE A HOME BUILDER'S UNFINISHED PROJECT PURSUANT
TO A DEFAULT IN OBLIGATIONS OF THE 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
(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 §§ 14-2998, 14-2999, 14-2910,
14-2911, 14-2912, 14-2913, 14-2915, AND 14-2916 OF THIS SUBTITLE.
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- 4524 -
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