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 12-1025 – Written Statement Informing Consumer Borrower of Interest and Charges
(a) A credit grantor who receives scheduled monthly periodic payments on more than five loans secured by any interest in residential real property or tangible personal property shall furnish to the consumer borrower a written statement informing the consumer borrower of the amount of: (1) If the interest and charges on the loan were precomputed: (i) Payments credited […]
Section 12-1026 – Escrow Account; Interest; Separability of Funds
(a) (1) In this section the following words have the meanings indicated. (2) “Escrow account” means an expense or escrow account which tends to protect the security of a loan by the accumulation of funds for the payment of taxes, insurance premiums, water and sewer facilities assessments, or other expenses. (3) “Lending institution” means a bank, savings bank, or […]
Section 12-1027 – Lender’s Inspection Fee
(a) In this section, “lender’s inspection fee” means a fee imposed by a credit grantor to pay for a visual inspection of residential real property. (b) Except as provided in subsection (c) of this section, a credit grantor may not impose a lender’s inspection fee in connection with a loan made to a consumer borrower that is […]
Section 12-1028 – Fees
(a) This section applies only to a loan to a consumer borrower secured by a first mortgage or first deed of trust on residential real property used as the consumer borrower’s primary residence. (b) A credit grantor may require a consumer borrower to pay for services rendered by the credit grantor’s attorney only if the attorney’s fee: […]
Section 12-1029 – 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 credit grantor, plus the margin that will apply after the expiration of an introductory interest rate. (3) (i) “Mortgage loan” has the […]
Section 12-1101 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) (1) “Advertisement” means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental–purchase agreement. (2) “Advertisement” does not include in–store merchandising ads. (c) “Cash price” means the price at which the lessor would have sold rental property covered by a rental–purchase agreement […]
Section 12-1102 – Effect and Applicability of Subtitle
(a) A rental-purchase agreement that complies with this subtitle may not be deemed to be: (1) A “retail sale”, as defined in § 12-601(s) of this title; (2) An “installment sale agreement”, as defined in § 12-601(m) of this title; or (3) A “security interest”, as defined in § 1-201(37) of this article. (b) This subtitle does not apply to: […]