Section 12-1403 – Merchant Processing Agreement
(a) If a business entity cancels a merchant processing agreement before the expiration of the initial term agreed on by the credit card processor and the business entity, the credit card processor may not assess or charge a fee, fine, or penalty that exceeds $500. (b) If a business entity terminates the merchant processing agreement after the […]
Section 12-1404 – Investigation of Complaint of Violation of 12-1403
If a complaint about a violation of § 12–1403 of this subtitle is filed with the Commissioner of Financial Regulation, the Commissioner may investigate the complaint and use any of the investigative and enforcement powers provided under Title 2, Subtitle 1 of the Financial Institutions Article.
Section 12-1402 – Subtitle Not Applicable to Merchant Processing Agreement Between Credit Card Processor and Business Entity Under Certain Conditions
This subtitle does not apply to a merchant processing agreement between a credit card processor and a business entity: (1) That may be terminated without assessment of fees, fines, penalties, or liquidated damages; or (2) If at the time of entry into the merchant processing agreement, the business entity employs 50 or more employees or reasonably estimates […]
Section 12-1111.1 – Sample Forms on Web Site
The Attorney General’s Web site shall include the sample forms in § 12–1111 of this subtitle.
Section 12-1112 – Short Title
This subtitle may be cited as the Maryland Rental-Purchase Agreement Act.
Section 12-1201 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Arranger of financing” means a person that: (1) For a fee or other valuable consideration, whether received directly or indirectly, aids or assists a borrower in obtaining a reverse mortgage loan; and (2) Is not named as the lender in the reverse mortgage loan agreement. (c) “Borrower” means […]
Section 12-1202 – Scope of Subtitle
(a) The provisions of this subtitle: (1) Apply to a reverse mortgage loan secured by a borrower’s principal dwelling in the State; and (2) Are in addition to any other applicable provisions of law. (b) If a provision of this subtitle conflicts with any provision of this title, the provision of this subtitle applies.
Section 12-1203 – Specific Payment Plan or Loans to Borrowers Not Holding Fee Simple Interest Not Required
This subtitle does not require a lender that offers to make a reverse mortgage loan to offer a reverse mortgage loan: (1) With any one or more particular payment plans; or (2) To a prospective borrower who holds title to a dwelling in other than fee simple interest.
Section 12-1204 – Conformance to Requirements of Federal Law
(a) Except as otherwise provided in this subtitle, a lender that offers or makes a reverse mortgage loan secured by a dwelling in the State shall conform to the requirements of 12 U.S.C. § 1715z–20, and any regulations and guidance adopted under 12 U.S.C. § 1715z–20, regardless of whether the reverse mortgage loan is insured under […]
Section 12-1205 – Inapplicability of Federal Provisions — Uninsured Loans
(a) A reverse mortgage loan that is not insured under 12 U.S.C. § 1715z–20 is not subject to the provisions in 12 U.S.C. § 1715z–20, or in any regulations or guidance adopted under 12 U.S.C. § 1715z–20, that: (1) Limit origination fees to $6,000 as adjusted under 12 U.S.C. § 1715z–20(r); (2) Impose maximum claim amounts or other […]