Section 12-309 – Loan to Buy Certain Goods or Services Subject to Certain Defenses
(a) If a lender makes a loan for the purpose of enabling a borrower to buy goods or services used primarily for personal, family, or household purposes, then, in addition to any other claim or defense which the borrower has under this subtitle, the lender is subject to the claims and defenses of the borrower against […]
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 12-124 – 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 […]
Section 12-127 – Lender to Consider Homeowner’s Ability to Repay Loan
(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 12-301 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Commissioner” means the Commissioner of Financial Regulation. (c) “Lender” means a licensee or a person who makes a loan subject to this subtitle. (d) “Licensee” means a person who is required to be licensed under Title 11, Subtitle 2 of the Financial Institutions Article, the Maryland Consumer […]
Section 12-302 – License Required Unless Exempt
A person may not engage in the business of making loans under this subtitle unless the person is licensed under or is exempt from the licensing requirements of Title 11, Subtitle 2 of the Financial Institutions Article, the Maryland Consumer Loan Law — Licensing Provisions.