Ch. 248                                    2004 LAWS OF MARYLAND

(I)      an individual who assumed a debt secured by real property that
the individual purchased as a principal residence and who paid the recordation tax on
the consideration paid for the property; AND

(II)     THE TRUSTEE OF AN INTER VIVOS TRUST IF:

1.       THE MORTGAGED PROPERTY IS USED AS A PRINCIPAL
RESIDENCE OF THE SETTLOR OF THE TRUST; AND

2.       THE TRUSTEE OR THE SETTLOR OF THE TRUST
ORIGINALLY ASSUMED OR INCURRED THE DEBT SECURED BY THE MORTGAGE OR
DEED OF TRUST.

(2)     A mortgage or deed of trust is not subject to recordation tax to the
extent that it secures the refinancing of an amount not greater than the unpaid
principal amount secured by an existing mortgage or deed of trust at the time of
refinancing if the mortgage or deed of trust secures the refinancing of real property
that is:

(i) 1. used as a principal residence by the original mortgagor;
and

[(ii)] 2. being refinanced by the original mortgagor or by the
original mortgagor and the spouse of the original mortgagor; OR

(II) USED AS A PRINCIPAL RESIDENCE BY THE SETTLOR OF AN
INTER VIVOS TRUST IF THE MORTGAGE OR DEED OF TRUST IS GIVEN BY A TRUSTEE
OF THE TRUST.

(3)     To qualify for an exemption under paragraph (2) of this subsection an
original mortgagor or agent of the original mortgagor shall include a statement in the
recitals or in the acknowledgment of the mortgage or deed of trust, or submit with the
mortgage or deed of trust, an affidavit under oath, signed by the original mortgagor or
agent of the original mortgagor, stating:

(i) that the individual is the original mortgagor or agent of the
original mortgagor;

(ii) that the mortgaged property is the principal residence of the
original mortgagor OR OF THE SETTLOR OF AN INTER VIVOS TRUST IF THE
MORTGAGE OR DEED OF TRUST IS GIVEN BY A TRUSTEE OF THE TRUST; and

(iii) the amount of unpaid principal of the original mortgage or deed
of trust that is being refinanced.

(4)     A statement under paragraph (3) of this subsection by an agent of the
original mortgagor shall state that the statement:

(i) is based on a diligent inquiry made by the agent with respect to
the facts set forth in the statement; and

(ii) is true to the best of the knowledge, information, and belief of
the agent.

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