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 12-402.1 – Applicable Provisions Governing Loans
(a) (1) On or after January 1, 2019, a lender may, at the lender’s option, elect to make a loan to any borrower either under this subtitle or as otherwise authorized by applicable law. (2) In order to make a loan under this subtitle, a lender shall make a written election in the agreement, note, or other evidence […]
Section 12-403 – False Advertising
(a) A person may not advertise directly or indirectly in the State any false or misleading statement regarding secondary mortgage loans or their availability. (b) This section does not apply to the owner, publisher, operator, or employee of any publication or radio or television station which disseminates the statement without knowledge of its false or misleading character.
Section 12-307 – Collection of Certain Fees
(a) At the time a loan is made, a lender may collect from the borrower: (1) As to any item of the total property that secures a loan: (i) The fees paid to a public official or governmental agency for recording or satisfying a mortgage, encumbrance, or lien on any property securing the loan; or (ii) An equal or […]
Section 12-403.1 – Discrimination Prohibited
In granting or denying any application for a loan, a lender may not discriminate against any loan applicant solely on the basis of age. Refusal to grant a loan to an applicant who is under the age of 18 is not discrimination solely on the basis of age.
Section 12-307.1 – Collection of Certain Fees — Attorney’s Fees and Court Costs
(a) On any loan with an original principal balance of more than $2,000, if a borrower defaults under the terms of a loan and the lender refers the borrower’s account for collection to an attorney who is not a salaried employee of the lender, and if the note, contract, or other evidence of the loan permits, […]
Section 12-404 – Amount of Loan; Interest; Payment in Installments
(a) A lender may: (1) Make a loan in such an amount that the net proceeds of the loan equal a predetermined sum; and (2) Take interest in advance on the full amount of the loan for the period from the date the loan is made to the date of maturity of the final installment. (b) A lender may […]
Section 12-308 – Duties of Lender
(a) (1) At the time a loan is made, the lender shall deliver to the borrower a statement in the English language which: (i) Quotes §§ 12–306, 12–307, and 12–312 of this subtitle, in their entireties; and (ii) Complies with § 12–106(b) of this title. (2) If there are two or more borrowers, the lender: (i) May deliver the statement to […]