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 […]
Section 12-924 – Release of Lien Securing Extension of Credit
(a) (1) Except as provided in paragraph (2) of this subsection, this section applies only to a plan between a credit grantor and a consumer borrower under which a credit grantor has taken any property as security for credit extended under the plan. (2) This section does not apply to a loan to which § 3-105.1 of the […]
Section 12-913 – Applicability of Other Laws
(a) Unless otherwise provided under the express terms of the agreement governing a revolving credit plan, the provisions of Subtitle 1, 3, 4, 5, 6, or 10 of this title do not apply to any extension of credit made pursuant to a revolving credit plan if: (1) The plan is established before October 1, 1993; and (2) The […]
Section 12-925 – Credit Grantor to Consider Borrower’s Ability to Repay Loan
(a) (1) In this section the following words have the meanings indicated. (2) “Fully indexed rate” means the index rate, as defined in the mortgage loan documents, prevailing at the time the mortgage loan is approved by the credit grantor, plus the margin that will apply after the expiration of an introductory interest rate. (3) (i) “Mortgage loan” has the […]
Section 12-913.1 – Election of Applicable Laws
(a) (1) On or after October 1, 1993, a credit grantor may at its option elect to offer a plan to any borrower either pursuant to this subtitle or as otherwise permitted by applicable law. (2) In order for a plan to be established under and governed by this subtitle, a credit grantor shall make a written election […]