Section 12-1018 – Civil Penalties
(a) (1) In this subsection, “notice” means the first to occur of the following: (i) When the credit grantor receives a written notice from the borrower notifying the credit grantor of an error or violation; (ii) When the credit grantor receives a written notice from the Commissioner of Financial Regulation or the appropriate regulatory authority notifying the credit grantor […]
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 […]
Section 12-1011 – Attorney’s Fees; Court and Other Collection Costs
(a) If a consumer borrower defaults under the terms of a loan and the credit grantor refers the borrower’s account to an attorney who is not a salaried employee of the credit grantor for collection, the credit grantor may, if the agreement, note, or other evidence of the loan permits, charge and collect from the borrower […]
Section 12-1012 – Permitted Transactions and Charges
(a) (1) This subtitle does not prohibit a credit grantor from including in the loan amount the cost to the borrower of a mechanical repair contract sold in connection with a motor vehicle, provided that the cost of the mechanical repair contract is separately itemized in the financing agreement. (2) The cost of a mechanical repair contract sold […]