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 12-1013.2 – Delivery of Agreement, Note, or Other Evidence of Loan
(a) (1) Except as provided under paragraph (2) of this subsection, the credit grantor shall deliver a copy of the agreement, note, or other evidence of the loan to the borrower no later than the time of consummation of the loan. (2) If consummation of the loan does not occur in a face-to-face transaction between the credit grantor […]
Section 12-1014 – General Provisions
(a) If any provision of this subtitle is held invalid, such invalidity shall not affect any other provisions of this subtitle which can be given effect without the invalid provision. (b) Notwithstanding any provisions of this title, a loan under this subtitle is subject only to the disclosure requirements of this subtitle, and, to the extent applicable, […]
Section 12-1015 – Applicability of Certain Provisions of Financial Institutions Article; License to Be Issued by Commissioner of Financial Regulation
(a) A credit grantor making a loan or an extension of credit under this subtitle is subject to the licensing, investigatory, enforcement and penalty provisions of Title 11, Subtitle 3 of the Financial Institutions Article unless the credit grantor or the loan or extension of credit is exempt under Title 11, Subtitle 3 of the Financial […]
Section 12-1003 – Interest; Balloon Payments
(a) A credit grantor may charge and collect interest on a loan at any daily, weekly, monthly, annual, or other periodic percentage rate as the agreement, the note, or other evidence of the loan provides if the effective rate of simple interest is not in excess of 24 percent per year. The rate of interest chargeable […]
Section 12-1016 – Complaint Procedure
(a) If a written complaint for violation of any provision of this subtitle, including the disclosure requirements of this subtitle and the federal Truth in Lending Act and regulations promulgated thereunder, or any other law of this State that regulates loans or other extensions of credit is filed with the Commissioner of Financial Regulation, the Commissioner […]
Section 12-1004 – Variation in Periodic Percentage Rate
(a) If the agreement, note, or other evidence of the loan permits, the periodic percentage rate of interest charged and collected on the loan may, if the interest is not precomputed, vary in accordance with an index that is made readily available to and verifiable by the borrower and is beyond the control of the credit […]
Section 12-1017 – Criminal Penalties
Any credit grantor or his officer or employee who willfully violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $1,000 or imprisonment not exceeding 1 year, or both.