ROBERT L. EHRLICH, JR., Governor                            S.B. 678

action for the release and recordation of the satisfaction of the mortgage or deed
of trust; requiring the holder to pay certain costs and expenses of an action to
require delivery of a release, including reasonable attorney's fees under certain
circumstances; providing certain exemptions from paying certain costs; and
generally relating to the release and recordation of a mortgage or deed of trust.

BY repealing and reenacting, without amendments,
Article — Financial Institutions

Section 11-501(a) and (g) and 11-502(b)(1) and (11) and (c)
Annotated Code of Maryland
(1998 Replacement Volume and 2002 Supplement)

BY repealing and reenacting, with amendments,
Article - Real Property
Section 3-105.1
Annotated Code of Maryland
(1996 Replacement Volume and 2002 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

11-501.

(a)     In this subtitle the following words have the meanings indicated.

(g) "Licensee" means a person who is licensed under the Maryland Mortgage
Lender Law.

11-502.

(b)     The provisions of this subtitle do not apply to:

(I)     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 or any other-state bank having a branch in this State;

(II)   A subsidiary or affiliate of an institution described in subsection (c) of
this section, which subsidiary or affiliate:

(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

(ii) Files with the Commissioner, prior to making mortgage loans,
information sufficient to identify:

1.       The correct corporate name of the subsidiary or affiliate;

2.       An address and telephone number of a contact person for
the subsidiary or affiliate;

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