US Lawyer Database

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 […]

Section 12-1013 – Applicability of Other Laws

    (a)    Unless otherwise provided under the express terms of the agreement, note, or other evidence of the extension of closed end credit, the provisions of Subtitle 1, 3, 4, 5, 6, or 9 of this title do not apply to an extension of closed end credit if:         (1)    The agreement, note, or other evidence of the extension […]