Section 12-405 – Permitted Charges
(a) (1) A lender may collect a loan origination fee for making a loan under this subtitle only as provided in this section. (2) The aggregate amount of the loan origination fee imposed by a lender under this section when combined with any finder’s fee imposed by a mortgage broker under § 12-804 of this title may not […]
Section 12-310 – Collateral Sale, Purchase, or Agreement in Connection With Loan
(a) For purposes of this subtitle, any profit or advantage which a person contracts for, collects, receives, or obtains by a collateral sale, purchase, or agreement in connection with negotiating, arranging, or making a loan is considered a charge for the loan. (b) This section does not apply to any commission, dividend, retrospective rating credit, or other […]
Section 12-311 – Certain Security for Loan Not Allowed; Homeowner Equity Protection
(a) (1) In this section the following words have the meanings indicated. (2) “Fully indexed rate” means the index rate, as defined in the mortgage loan documents, prevailing at the time the mortgage loan is approved by the lender, plus the margin that will apply after the expiration of an introductory interest rate. (3) (i) “Mortgage loan” has the meaning […]
Section 12-312 – 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 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 12-314 – Loans at Greater Than Authorized Rate of Interest
(a) A person may not lend $25,000 or less if: (1) The person directly or indirectly contracts for, charges, or receives a greater rate of interest, charge, discount, or other consideration than that authorized by the laws of this State; (2) The transaction violates the federal Military Lending Act; or (3) The person is not licensed under or exempt […]
Section 12-315 – Interpretation and Construction of Subtitle
This subtitle shall be interpreted and construed to effectuate its general remedial purpose.
Section 12-316 – Penalty
Any licensee or his officer or employee who knowingly violates any provision of §§ 12–303 through 12–306, § 12–308, § 12–311, or § 12–314 of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $500 or imprisonment not exceeding 6 months or both.
Section 12-316.1 – Penalty — Reliance Upon Written Opinions
(a) A licensee or a person exempt from licensing under this subtitle is not subject to a penalty involving the forfeiture of interest or principal for a violation that arises because the licensee or person exempt from licensing in good faith: (1) Performed or omitted to perform an act in conformity with or in reliance upon: (i) A […]
Section 12-317 – Short Titles
(a) This subtitle may be cited as the Maryland Consumer Loan Law — Credit Provisions. (b) This subtitle and the Maryland Consumer Loan Law — Licensing Provisions may be cited jointly as the Maryland Consumer Loan Law.
Section 12-401 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Lender” means: (1) A licensee; or (2) A person who makes a secondary mortgage loan but is exempt expressly from the licensing requirements of the Maryland Mortgage Lender Law. (c) “Licensee” means a person who is required to be licensed under the Maryland Mortgage Lender Law, regardless of […]