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.
Section 12-115 – Repossession of Goods Securing Loan
(a) With respect to any loan made at a rate of interest pursuant to § 12–103(a) and (c) of this subtitle or § 12–306 of this title: (1) A lender may repossess goods securing a loan under an agreement if the borrower is in default in: (i) The payment of any sum due under the agreement; (ii) The performance […]
Section 12-303 – Application of Subtitle
(a) (1) This subtitle applies to a loan of $25,000 or less made for personal, family, or household purposes. (2) Except as provided in paragraph (3) of this subsection, this subtitle applies regardless of: (i) Whether the transaction is or purports to be made under this subtitle; (ii) Whether the transaction is or purports to be an installment loan; (iii) The […]
Section 12-116 – Refinancing of Loan at Higher Rate
Any loan made before July 1, 1982, which is refinanced at a higher rate pursuant to § 12–103(a) and (c) of this subtitle or § 12–306 or § 12–404 of this title must comply with the following requirements: (1) The lender must give the following disclosures in writing to the borrower prior to the execution by […]
Section 12-304 – Advertising
(a) A lender may not directly or indirectly print, publish, distribute, or broadcast any false, misleading, or deceptive statement regarding the rates, terms, or conditions of a loan. (b) (1) If charges or rates of charges are advertised by a licensee, the Commissioner may require him to state them fully and clearly in any manner the Commissioner considers […]
Section 12-117 – Compliance With 14-1302
With respect to any loan made at a rate pursuant to § 12–103(a) and (c) of this subtitle or § 12–404 of this title, the lender must comply with § 14–1302 of this article except that subsection (c) of § 14–1302 is not applicable.
Section 12-305 – Discrimination Prohibited
(a) In granting or denying an application for a loan, a licensee may not discriminate against any loan applicant only on the basis of race, color, creed, national origin, sex, marital status, or age. (b) (1) A licensee is not in violation of this section if the licensee is in compliance with the federal Equal Credit Opportunity Act […]
Section 12-118 – Change in Rate of Interest or Finance Charge During Term of Obligation
A lender may not enter into a loan agreement, providing for an initial interest rate pursuant to § 12–103(a) and (c) of this subtitle or § 12–306 or § 12–404 of this title, which contains a provision that permits the lender to increase or decrease the applicable rate of interest or finance charges from time […]
Section 12-306 – Interest on Loan
(a) (1) Except as provided in subsections (b) and (c) of this section, a lender may charge interest on a loan at a rate not more than the rates specified in this subsection. (2) For any loan with an original principal balance of $2,000 or less, the maximum interest rate is: (i) 2.75 percent interest per month on that […]
Section 12-119 – Real Property Closing Costs
(a) This section applies to any application for a loan, other than a commercial loan, to be secured by a first mortgage or first deed of trust on a borrower’s primary residence. (b) Any lender that imposes fees on borrowers for settlement services, or document review services, performed by a lender-designated attorney, or who conditions settlement on […]