Section 12-409.1 – Home Buyer’s Equity Protection
(a) (1) In this section the following words have the meanings indicated. (2) “Covered loan” means a mortgage loan made under this subtitle that meets the criteria for a loan subject to the federal Home Ownership Equity Protection Act set forth in 15 U.S.C. § 1602(bb), as modified from time to time by Regulation Z, 12 C.F.R. Part […]
Section 12-410 – Insurance
(a) (1) In this section the following words have the meanings indicated. (2) “Covered loan” means a mortgage loan made under this subtitle that meets the criteria for a loan subject to the federal Home Ownership and Equity Protection Act set forth in 15 U.S.C. § 1602(bb), as modified from time to time by Regulation Z, 12 C.F.R. […]
Section 12-411 – Prohibited Charges
A lender may not directly or indirectly, contract for, charge, or receive, any interest, discount, fee, fine, commission, brokerage, charge, or other consideration in excess of that permitted by this subtitle.
Section 12-412 – Lender to Comply With Subtitle
A lender may not make or offer to make any secondary mortgage loan except within the terms and conditions authorized by this subtitle.
Section 12-413 – Civil Penalties
Except for a bona fide error of computation, if a lender violates any provision of this subtitle he may collect only the principal amount of the loan and may not collect any interest, costs, or other charges with respect to the loan. In addition, a lender who knowingly violates any provision of this subtitle also […]
Section 12-414 – Criminal Penalty
Any lender, his officer or employee and any other person who willfully violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $1,000 or imprisonment not exceeding one year or both.
Section 12-415 – Short Title
This subtitle may be cited as the Maryland Secondary Mortgage Loan Law.
Section 12-501 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Account” means a retail credit account. (c) (1) “Buyer” means a person who, under a retail credit account transaction, buys goods or obtains services from a seller not principally for the purpose of resale. (2) “Buyer” includes: (i) A person who enters into a prior agreement with a financial […]
Section 12-502 – Application of Subtitle
(a) Each retail credit account established after May 31, 1967 shall comply with this subtitle. (b) (1) Notwithstanding any situs of contract specified in it, a retail credit account is made in this State and is subject to this subtitle if: (i) The seller offers or agrees in this State to sell to a resident buyer of this State; […]
Section 12-503 – Establishment of Account
(a) A retail credit account may be established by a seller or financial institution only on the request of a buyer or with his consent. (b) (1) A seller or financial institution may not discriminate solely on the basis of sex, marital status, geographic area of residence, neighborhood of residence, or age against a buyer who wishes to […]