2010 Maryland Code
COMMERCIAL LAW
TITLE 12 - CREDIT REGULATIONS
Subtitle 10 - Credit Grantor Closed End Credit Provisions
Section 12-1015 - Applicability of certain provisions of Financial Institutions Article; license to be issued by Commissioner of Financial Regulation.
§ 12-1015. Applicability of certain provisions of Financial Institutions Article; license to be issued by Commissioner of Financial Regulation.
(a) Applicability of Title 11, Subtitle 3 of the Financial Institutions Article.- A credit grantor making a loan or an extension of credit under this subtitle is subject to the licensing, investigatory, enforcement and penalty provisions of Title 11, Subtitle 3 of the Financial Institutions Article unless the credit grantor or the loan or extension of credit is exempt under Title 11, Subtitle 3 of the Financial Institutions Article.
(b) Applicability of Title 11, Subtitle 5 of the Financial Institutions Article.- In addition to any license which may be required by subsection (a) of this section, a credit grantor making a loan or extension of credit under this subtitle secured by any lien on residential real property is subject to the licensing, investigatory, enforcement and penalty provisions of Title 11, Subtitle 5 of the Financial Institutions Article unless the credit grantor or the loan or extension of credit is exempt under Title 11, Subtitle 5 of the Financial Institutions Article.
(c) License to be issued by Commissioner of Financial Regulation.- If a license is required by this section, it shall be issued by the Commissioner of Financial Regulation.
(d) Unlicensed home improvement contractors.-
(1) An extension of credit made under this subtitle prior to October 1, 1994 by a home improvement contractor may not be deemed unenforceable or violative of this section because the contractor was not licensed under Title 11, Subtitle 3 of the Financial Institutions Article.
(2) Paragraph (1) of this subsection does not apply to any person engaged in the business of making loans at the time the credit was extended.
[1983, ch. 143; 1989, ch. 476, § 1; 1994, ch. 740; 1996, ch. 326, § 2.]
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