Sec. 02.02.04.17. Exemption from the Maryland Securities Act, Corporations and Associations Article, §11-602(17), Annotated Code of Maryland, for Certain Transactions

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.