Section 12-1109 – Advertisements
(a) An advertisement for a rental-purchase agreement that refers to or states the dollar amount of any payment and the right to acquire ownership for any 1 specific item shall clearly and conspicuously state, as applicable: (1) That the transaction advertised is a rental-purchase agreement; (2) The total cost and the number of payments necessary to acquire ownership; […]
Section 12-1303 – Home Buyer Education or Housing Counseling
(a) Unless the lender is otherwise required by federal or State law to refer the borrower to housing counseling, a lender shall provide to a borrower a written notice, in the form specified in regulations adopted by the Department of Housing and Community Development, in consultation with the Commissioner of Financial Regulation, that includes: (1) A statement […]
Section 12-1110 – Penalties; Exceptions
(a) A person who willfully and intentionally violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not to exceed $500 per violation. (b) For a violation of a provision of this subtitle, a consumer under a rental-purchase agreement may recover from the lessor committing the violation, or […]
Section 12-1304 – Closing on Mortgage Loan Without Notice Prohibited
A lender may not close on a mortgage loan unless the lender has provided to the borrower the notice required under § 12–1303 of this subtitle.
Section 12-1110.1 – Recovery of Property Subject to Rental-Purchase Agreement
(a) A lessor may not bring a court action to recover property subject to a rental–purchase agreement until 15 days after the consumer has been sent notice of a default. (b) Notice of default sent by certified mail to the consumer’s last known address constitutes notice. (c) The notice shall include any amount the consumer must pay to […]
Section 12-1401 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) (1) “Credit card processor” means a person that processes credit card or electronic commerce transactions on behalf of a business entity for a fee. (2) “Credit card processor” includes: (i) A merchant services provider; (ii) A financial institution; (iii) An independent sales organization; and (iv) Any subsidiary or affiliate of an […]
Section 12-1111 – Form for Disclosures
(a) The following is an example of a form which shall be used to satisfy the disclosure requirements of §§ 12–1103(c) and 12–1104(a) of this subtitle: “Rental–Purchase Agreement 1. Lessor(s): Name Address Telephone no. Lessee(s): Name Address Telephone no. 2. Description of Rental Property: � Item � Quantity Identification Number � […]
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 […]