Section 7-102 - Scope of title. - Maryland Statutes

§ 7-102. Scope of title.
 

(a)  Definitions.-  

(1) In this section the following words have the meanings indicated. 

(2) "Common ownership" means direct or indirect ownership of more than 50% of a person. 

(3) "Principal business" means a business activity of a person that comprises more than 50% of the total business activities of the person. 

(b)  Exclusions.- This title does not apply to: 

(1) a bank; 

(2) a federal or State credit union; 

(3) a mortgage lender; 

(4) a person acting under an order of a court of competent jurisdiction; 

(5) a licensed real estate broker, or an individual acting on behalf of the real estate broker, in the collection of rent or allied charges for property; 

(6) a savings and loan association; 

(7) a title company as to its escrow business; 

(8) a trust company; 

(9) a lawyer who is collecting a debt for a client, unless the lawyer has an employee who: 

(i) is not a lawyer; and 

(ii) is engaged primarily to solicit debts for collection or primarily makes contact with a debtor to collect or adjust a debt through a procedure identified with the operation of a collection agency; or 

(10) a person who is collecting a debt for another person if: 

(i) both persons are related by common ownership; 

(ii) the person who is collecting a debt does so only for those persons to whom it is related by common ownership; 

(iii) the principal business of the person who is collecting a debt is not the collection of debts; and 

(iv) before collecting a debt, the person files with the Board: 

1. the correct name of the person; 

2. an address and telephone number of a contact person; and 

3. the name of the person's resident agent. 
 

[An. Code 1957, art. 56, § 323; 1992, ch. 4, § 2; 2001, ch. 558.]