§ 12-915
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/md/commercial-law/12-915A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–915.
(a)A credit grantor making a loan or 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)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)If a license is required by this section, it shall be issued by the Commissioner of Financial Regulation.
(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.