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 12-919 – Limitation of Actions
An action for violation of this subtitle may not be brought more than 6 months after the credit extension is repaid in full.
Section 12-920 – Limitation on Credit Grantor’s Liability
A credit grantor is not liable for any failure to comply with a provision of this subtitle if, within 60 days after discovering an error and prior to institution of an action under this subtitle or the receipt of written notice from the borrower, the credit grantor notifies the borrower of the error and makes […]
Section 12-921 – Repossession
(a) (1) A credit grantor may repossess tangible personal property securing a plan under an agreement if the consumer borrower is in default. (2) The credit grantor may repossess tangible personal property from a consumer borrower only by: (i) Legal process; or (ii) Self-help, without use of force. (b) Nothing in this section authorizes a violation of criminal law. (c) (1) Except as […]
Section 12-922 – 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 12-923 – Agreements Governing Revolving Credit Plans
(a) This section applies only to a plan established by a credit grantor under this subtitle for 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 governing a revolving credit plan or any instrument which evidences or secures […]
Section 12-923.1 – Use of Revolving Credit Plan to Acquire Interest in or to Carry on a Business or Commercial Enterprise
(a) Any statement or characterization that indicates the borrower intends to use a plan to obtain loans or other extensions of credit solely to acquire an interest in or to carry on a business or commercial enterprise may be relied upon by a credit grantor in establishing a plan, unless the credit grantor knows or should […]
Section 12-912 – Amendment of Plan Agreement
(a) A credit grantor may, if the agreement governing a revolving credit plan permits, at any time amend the terms of the agreement in accordance with the provisions of this section including: (1) The terms governing the periodic percentage rate used to calculate interest or finance charges; (2) The method of computing the outstanding unpaid indebtedness to which […]