Section 12-1023.1 – Obtaining Loan to Acquire Interest in or to Carry on a Business or Commercial Enterprise
(a) Any statement or characterization that indicates the borrower intends to obtain a loan solely to acquire an interest in or to carry on a business or commercial enterprise may be relied upon by a credit grantor in making the loan, unless the credit grantor knows or should know that the statement or characterization is false […]
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 […]
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: […]
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 […]