(a)    In this subtitle the following words have the meanings indicated.

(b)    “Arbitration activity” means the initiation, conduct, sponsorship, or administration of, or the appointment of an arbitrator in, a consumer arbitration.

(c)    “Arbitration organization” means a nongovernmental association, agency, board, commission, corporation, or other entity that performs arbitration activities.

(d)    “Consumer” means an individual who is:

(1)    A resident of the State; and

(2)    An actual or prospective purchaser or lessee of any goods, services, real property, or credit primarily for personal, family, or household purposes.

(e)    (1)    “Consumer arbitration” means a binding arbitration conducted in accordance with a consumer arbitration agreement.

(2)    “Consumer arbitration” does not include:

(i)    A binding arbitration conducted in accordance with the provisions of a policy of property insurance, casualty insurance, or surety insurance, as those terms are defined in § 1–101 of the Insurance Article;

(ii)    An arbitration governed by rules adopted by a securities self–regulatory organization and approved by the United States Securities and Exchange Commission under federal law; or

(iii)    An arbitration between a consumer and a related institution that is licensed by the Maryland Department of Health, if the consumer arbitration agreement between the consumer and the related institution is not mandated as a condition of admission of the consumer to the related institution.

(f)    (1)    “Consumer arbitration agreement” means a standardized contract that:

(i)    Is between a consumer and another person who is not a consumer;

(ii)    Provides for the sale or lease of any goods, services, real property, or credit primarily for personal, family, or household purposes; and

(iii)    Requires that disputes arising under the contract be submitted to binding arbitration.

(2)    “Consumer arbitration agreement” does not include a public or private sector collective bargaining agreement.

(g)    “Related institution” has the meaning stated in § 19–301 of the Health – General Article.