Section 12-907 – Plan Connected With Demand Deposit Account
(a) If credit under a revolving credit plan is offered and extended by a credit grantor which is a depository institution in connection with a demand deposit account or other transaction account maintained by the borrower with the credit grantor under an agreement or arrangement where the credit grantor agrees to honor checks, drafts, or other […]
Section 12-908 – Deferral of Scheduled Payments; Deferral Charge
A credit grantor may at any time allow a borrower under a revolving credit plan to defer scheduled payments and charge the borrower a deferral charge agreed to by the credit grantor and the borrower.
Section 12-802 – Application of Subtitle
This subtitle does not apply to any loan: (1) Described in § 12–103(e) of this title; or (2) Made by motor vehicle or recreational vehicle dealers in connection with the sale of their vehicles.
Section 12-909 – Insurance Generally
(a) In connection with a plan established for a consumer borrower: (1) The purchase of credit life, credit accident and health, credit disability, involuntary unemployment benefit, and similar coverages is optional with the consumer borrower; and (2) Subject to § 12-909.1 of this subtitle, the purchase of property insurance, title insurance, and credit loss insurance from an insurer […]
Section 12-803 – Prohibited Relationship Between Broker and Lender
A mortgage broker may not be a director, officer, or employee of any lender where he places a loan.
Section 12-909.1 – Insurance Binders
(a) In this section, “binder” means a binder or other temporary contract of insurance as provided under § 12-106 of the Insurance Article. (b) A credit grantor shall comply with this section if the credit grantor: (1) Makes any loan secured by a first lien on any interest in owner-occupied residential real property; and (2) As a condition of […]
Section 12-804 – Fees Mortgage Broker Permitted to Charge
(a) A mortgage broker may charge a finder’s fee not in excess of 8 percent of the amount of the loan or advance. (b) In addition to a finder’s fee, a mortgage broker may charge a borrower for the actual cost of: (1) Any appraisal, credit report, condominium document, or subordination agreement document obtained by the mortgage broker […]
Section 12-910 – Charges for Default or Delinquency
(a) If the agreement governing a revolving credit plan permits, a credit grantor may: (1) For a nonconsumer borrower, charge a higher periodic percentage rate of interest on outstanding unpaid payments or portions of payments under the plan which are in default; and (2) For any borrower, impose: (i) A late or delinquency charge on payments or portions of […]
Section 12-805 – Payment of Finder’s Fee
(a) A mortgage broker may not receive any fee in the form of a note, mortgage, or other evidence of indebtedness. (b) Payment of the finder’s fee to the mortgage broker out of the proceeds of the loan is not considered as interest to the lender if the finder’s fee is not in excess of that permitted […]
Section 12-911 – Attorney’s Fees; Court or Other Collection Costs
(a) If a borrower defaults under the terms of a plan and the credit grantor refers the borrower’s account to an attorney who is not a salaried employee of the credit grantor for collection, the credit grantor may, if the agreement governing the revolving credit plan permits, charge and collect from the borrower a reasonable attorney’s […]