Section 12-115 – Repossession of Goods Securing Loan
(a) With respect to any loan made at a rate of interest pursuant to § 12–103(a) and (c) of this subtitle or § 12–306 of this title: (1) A lender may repossess goods securing a loan under an agreement if the borrower is in default in: (i) The payment of any sum due under the agreement; (ii) The performance […]
Section 12-116 – Refinancing of Loan at Higher Rate
Any loan made before July 1, 1982, which is refinanced at a higher rate pursuant to § 12–103(a) and (c) of this subtitle or § 12–306 or § 12–404 of this title must comply with the following requirements: (1) The lender must give the following disclosures in writing to the borrower prior to the execution by […]
Section 12-117 – Compliance With 14-1302
With respect to any loan made at a rate pursuant to § 12–103(a) and (c) of this subtitle or § 12–404 of this title, the lender must comply with § 14–1302 of this article except that subsection (c) of § 14–1302 is not applicable.
Section 12-118 – Change in Rate of Interest or Finance Charge During Term of Obligation
A lender may not enter into a loan agreement, providing for an initial interest rate pursuant to § 12–103(a) and (c) of this subtitle or § 12–306 or § 12–404 of this title, which contains a provision that permits the lender to increase or decrease the applicable rate of interest or finance charges from time […]
Section 12-119 – Real Property Closing Costs
(a) This section applies to any application for a loan, other than a commercial loan, to be secured by a first mortgage or first deed of trust on a borrower’s primary residence. (b) Any lender that imposes fees on borrowers for settlement services, or document review services, performed by a lender-designated attorney, or who conditions settlement on […]
Section 12-120 – When Borrower Required to Pay for Services of Lender’s Attorney
(a) This section applies to any loan, other than a commercial loan, to be secured by a mortgage or deed of trust on a borrower’s primary residence. (b) A lender may require the borrower to pay for services rendered by the lender’s attorney in connection with a loan described in subsection (a) of this section only if: […]
Section 12-121 – Lender’s Inspection Fees
(a) In this section, the term “lender’s inspection fee” means a fee imposed by a lender to pay for a visual inspection of real property. (b) Except as provided in subsection (c) of this section, a lender may not impose a lender’s inspection fee in connection with a loan secured by residential real property. (c) A lender’s inspection […]
Section 12-122 – Violations
Any lender who knowingly and willfully violates any provision of § 12-103, § 12-109.2, § 12-119, § 12-120, or § 12-121 of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $500, or imprisonment not exceeding 6 months, or both.
Section 12-123 – 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 lender shall comply with this section if the lender: (1) Makes any loan secured by a first mortgage or a first deed of trust on any interest in owner-occupied residential real property; and […]
Section 12-124 – Property Insurance Coverage
(a) (1) (i) In this section the following words have the meanings indicated. (ii) “Flood insurance coverage” means flood insurance against losses caused by flooding that are covered under a policy issued by: 1. The federal government; or 2. An insurer. (iii) “Improvements” means buildings or structures erected upon or affixed to real property that enhance the value of the real property. […]