Section 12-1302 – Applicability of Subtitle
(a) This subtitle applies to any lender that makes a mortgage loan secured by owner–occupied residential real property located in the State. (b) This subtitle does not apply to: (1) A secondary mortgage loan; (2) An open–end or revolving home equity line of credit; (3) A construction loan; (4) An individual who takes back a deferred purchase money mortgage in connection […]
Section 12-1109 – Advertisements
(a) An advertisement for a rental-purchase agreement that refers to or states the dollar amount of any payment and the right to acquire ownership for any 1 specific item shall clearly and conspicuously state, as applicable: (1) That the transaction advertised is a rental-purchase agreement; (2) The total cost and the number of payments necessary to acquire ownership; […]
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 12-1024 – Requirements Upon Loan Repayment
(a) (1) Except as provided in paragraph (2) of this subsection, this section applies only to a loan made by a credit grantor to a consumer borrower. (2) This section does not apply to a loan to which § 3–105.1 of the Real Property Article applies. (b) Within a reasonable time after a loan to a consumer borrower has […]
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 […]