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 12-121 – Lender’s Inspection Fees
(a) In this section, the term “lender’s inspection fee” means a fee imposed by a lender to pay for a visual inspection of real property. (b) Except as provided in subsection (c) of this section, a lender may not impose a lender’s inspection fee in connection with a loan secured by residential real property. (c) A lender’s inspection […]
Section 12-122 – Violations
Any lender who knowingly and willfully violates any provision of § 12-103, § 12-109.2, § 12-119, § 12-120, or § 12-121 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 12-123 – 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 lender shall comply with this section if the lender: (1) Makes any loan secured by a first mortgage or a first deed of trust on any interest in owner-occupied residential real property; and […]
Section 12-124 – Property Insurance Coverage
(a) (1) (i) In this section the following words have the meanings indicated. (ii) “Flood insurance coverage” means flood insurance against losses caused by flooding that are covered under a policy issued by: 1. The federal government; or 2. An insurer. (iii) “Improvements” means buildings or structures erected upon or affixed to real property that enhance the value of the real property. […]
Section 12-124.1 – Homeowner 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 12-125 – Financing Agreements
(a) (1) In this section the following words have the meanings indicated. (2) “Borrower” means a person who makes an application for a loan secured by a first mortgage or first deed of trust on a 1– to 4–family home to be occupied by the borrower as the borrower’s primary residence. (3) “Commitment” means a written, specific, binding agreement […]
Section 12-126 – Prepayment of Outstanding Unpaid Indebtedness
(a) This section applies only to a loan that: (1) Is secured by a mortgage or deed of trust on the borrower’s primary residence; and (2) Is not a commercial loan. (b) Except to the extent expressly provided otherwise in the loan contract, a borrower may prepay all or part of outstanding unpaid indebtedness under a loan at any […]