The following transactions are exempt from registration filings under the Maryland Securities Act, Corporations and Associations Article, §§11-205 and 11-501, Annotated Code of Maryland, provided that the exemption may be revoked with respect to a specific transaction pursuant to the Maryland Securities Act, Corporations and Associations Article, §11-603: A transaction involving the offer or sale of one or more promissory notes directly secured by a first lien on a single parcel of real estate upon which is located a dwelling or other residential or commercial structure, and participation interest in the notes, that are exempt under §4(5) of the federal Securities Act of 1933, and the rules, regulations, and interpretive releases promulgated under it.

Authority: Corporations and Associations Article, §§11-203, 11-405, 11-501, 11-506, 11-601(3), 11-601(12), and 11-602, Annotated Code of Maryland

Effective date: April 1, 1983 (10:6 Md. R. 551)

Regulations .01—.05 adopted effective April 15, 1991 (18:7 Md. R. 770)

Regulation .06 repealed and new Regulations .06 and .07 adopted effective November 11, 1991 (18:22 Md. R. 2393)

Regulations .10 and .11 adopted as an emergency provision effective October 1, 1992 (19:17 Md. R. 1602); adopted permanently effective November 23, 1992 (19:23 Md. R. 2039)

Regulation .12 adopted effective June 3, 1985 (12:11 Md. R. 1046)

Regulation .12 amended and recodified to Regulation .06 effective April 15, 1991 (18:7 Md. R. 770)

Chapter revised effective September 1, 1995 (22:17 Md. R. 1314)