Section 12-1022 – Definitions; Financing Agreements
(a) (1) In this section the following words have the meanings indicated. (2) “Borrower” means a consumer borrower who makes an application for a loan secured by a first mortgage or first deed of trust on residential real property to be occupied by the borrower as the borrower’s primary residence. (3) “Commitment” means a written, specific, binding agreement between […]
Section 12-1107 – Receipts
(a) A lessor shall provide the consumer with a written receipt for each payment under a rental–purchase agreement made in person by cash or money order, or, if the payment is made in any other form, on request. (b) The written receipt shall contain the: (1) Total amount paid; (2) Total amount due that week or month; and (3) Total […]
Section 12-1023 – Agreement or Other Evidence of Loan
(a) This section applies only to a loan made by a credit grantor under this subtitle to a consumer borrower. (b) (1) Paragraph (2) of this subsection applies only to a loan or an extension of credit primarily for personal, household, or family purposes. (2) An agreement, note, or other evidence of a loan may not contain: (i) An assignment […]
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 […]