US Lawyer Database

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 […]

Section 12-1006 – Deferral of Scheduled Payments; Deferral Charges; Insurance Premiums

    A credit grantor may at any time permit a borrower to defer scheduled payments of a loan and may, in connection with the deferral and by agreement of the credit grantor and borrower:         (1)    Charge and collect deferral charges; and         (2)    Require payment by the borrower of the additional cost to the credit grantor of premiums for […]

Section 12-1018.1 – Civil Penalties — Exception

    (a)    In this section, “Commissioner” means the Commissioner of Financial Regulation.     (b)    Except as provided in subsection (c) of this section, the penalty provided under § 12–1018(a)(2) of this subtitle does not apply if a credit grantor:         (1)    Performed or omitted to perform an act in conformity with or in reliance upon:             (i)    A written opinion of the Attorney […]

Section 12-1007 – Insurance Generally

    (a)    (1)    In this section the following words have the meanings indicated.         (2)    “Covered loan” means a mortgage loan made under this subtitle that meets the criteria for a loan subject to the federal Home Ownership and Equity Protection Act set forth in 15 U.S.C. § 1602(bb), as modified from time to time by Regulation Z, 12 C.F.R. […]

Section 12-1007.1 – Insurance Binders

    (a)    In this section, “binder” means a binder or other temporary contract of insurance as provided under § 12-106 of the Insurance Article.     (b)    A credit grantor shall comply with this section if the credit grantor:         (1)    Makes any loan secured by a first lien on any interest in owner-occupied residential real property; and         (2)    As a condition of […]

Section 12-1008 – Charges for Default or Delinquency

    (a)    If the agreement governing a loan permits, a credit grantor may:         (1)    For a nonconsumer borrower, charge a higher periodic percentage rate or rates of interest on the amount of outstanding unpaid payments or portions of payments under the loan which are in default; and         (2)    For any borrower, impose:             (i)    A late or delinquency charge on payment […]

Section 12-1009 – Prepayment

    (a)    A consumer borrower may prepay a loan in full at any time.     (b)    If interest charged pursuant to § 12–1003 of this subtitle in respect of a loan to a consumer borrower has been precomputed, then, in the event of prepayment of the entire loan, the credit grantor shall refund or credit to the borrower the […]

Section 12-1010 – Refinancing

    (a)    Except as provided under subsection (c) of this section, a consumer borrower may, with the consent of the credit grantor, refinance the entire outstanding and unpaid amount of a loan, and the credit grantor may charge and collect a refinancing charge in connection with any refinancing in an amount agreed to by the credit grantor […]