Md. Code Regs. 02.02.04.17
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.
Md. Code Regs. 02.02.04.17