In this subtitle the following words have the meanings indicated. “Arbitration activity” means the initiation, conduct, sponsorship, or administration of, or the appointment of an arbitrator in, a consumer arbitration. “Arbitration organization” means a nongovernmental association, agency, board, commission, corporation, or other entity that performs arbitration activities. “Consumer” means an individual who is: A resident of the State; and An actual or prospective purchaser or lessee of any goods, services, real property, or credit primarily for personal, family, or household purposes. “Consumer arbitration” means a binding arbitration conducted in accordance with a consumer arbitration agreement. “Consumer arbitration” does not include: 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; 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 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. “Consumer arbitration agreement” means a standardized contract that: Is between a consumer and another person who is not a consumer; Provides for the sale or lease of any goods, services, real property, or credit primarily for personal, family, or household purposes; and Requires that disputes arising under the contract be submitted to binding arbitration. “Consumer arbitration agreement” does not include a public or private sector collective bargaining agreement. “Related institution” has the meaning stated in § 19–301 of the Health – General Article.