Section 12-1201 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Arranger of financing” means a person that: (1) For a fee or other valuable consideration, whether received directly or indirectly, aids or assists a borrower in obtaining a reverse mortgage loan; and (2) Is not named as the lender in the reverse mortgage loan agreement. (c) “Borrower” means […]
Section 12-1202 – Scope of Subtitle
(a) The provisions of this subtitle: (1) Apply to a reverse mortgage loan secured by a borrower’s principal dwelling in the State; and (2) Are in addition to any other applicable provisions of law. (b) If a provision of this subtitle conflicts with any provision of this title, the provision of this subtitle applies.
Section 12-1203 – Specific Payment Plan or Loans to Borrowers Not Holding Fee Simple Interest Not Required
This subtitle does not require a lender that offers to make a reverse mortgage loan to offer a reverse mortgage loan: (1) With any one or more particular payment plans; or (2) To a prospective borrower who holds title to a dwelling in other than fee simple interest.
Section 12-1103 – Disclosures — in General
(a) (1) A lessor shall disclose to a consumer the information required under this subtitle. (2) In a transaction involving more than 1 lessor, only 1 lessor need make the disclosures required under this subtitle, but all lessors shall be bound by the disclosures made. (b) A lessor shall make the disclosures required under this subtitle before consummation of […]
Section 12-1104 – Disclosures — Specific Information; Tags
(a) The lessor shall disclose in each rental–purchase agreement, as applicable: (1) The total number, total amount, and timing of all rental payments necessary to acquire ownership of the rental property; (2) A statement that the consumer will not own the rental property until the consumer has paid the total of payments necessary to acquire ownership; (3) A brief […]
Section 12-1019 – Limitation of Actions
An action for violation of this subtitle may not be brought more than 6 months after the loan is satisfied.
Section 12-1105 – Prohibited Provisions
A rental-purchase agreement may not contain: (1) A confession of judgment; (2) A negotiable instrument; (3) A security interest or any other claim of a property interest in any goods except the rental property delivered by the lessor pursuant to the rental-purchase agreement; (4) A wage assignment; (5) A waiver by the consumer of claims or defenses; or (6) A provision […]
Section 12-1020 – Limitation on Credit Grantor’s Liability
A credit grantor is not liable for any failure to comply with a provision of this subtitle if, within 60 days after discovering an error and prior to institution of an action under this subtitle or the receipt of written notice from the borrower, the credit grantor notifies the borrower of the error and makes […]
Section 12-1106 – Reinstatement; Repossession of Property
(a) A consumer who fails to make a timely rental payment may reinstate the rental-purchase agreement, without losing any rights or options that exist under the rental-purchase agreement, if within 5 days of the renewal date, for a consumer who renews on a monthly basis, or within 2 days of the renewal date, for a consumer […]
Section 12-1021 – Repossession
(a) (1) A credit grantor may repossess tangible personal property securing a loan under an agreement, note, or other evidence of the loan if the consumer borrower is in default. (2) The credit grantor may repossess tangible personal property from a consumer borrower only by: (i) Legal process; or (ii) Self-help, without use of force. (b) Nothing in this section authorizes […]