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. […]
Section 12-124.1 – Homeowner Equity Protection
(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 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. Part […]
Section 12-111 – Limitation of Actions
(a) This section does not apply to a loan subject to § 12–114.1 of this subtitle. (b) A private action for usury under this subtitle may not be brought more than 6 months after the loan is satisfied.
Section 12-112 – Usury Not Available Against Bona Fide Assignee
(a) This section does not apply to a loan subject to § 12–114.1 of this subtitle. (b) A claim or plea of usury is not available against a legal or equitable assignee, endorsee, or transferee of any bond, draft, mortgage, deed of trust, security agreement, promissory note, or other instrument or evidence of indebtedness, if he receives […]
Section 12-113 – Discrimination Prohibited
(a) Except as provided in subsection (b) of this section, a lender may not refuse to lend money to any person solely because of: (1) Geographic area or neighborhood; or (2) Race, creed, color, age, sex, marital status, handicap, or national origin. (b) A lender may refuse to make a loan: (1) On property outside a geographic area of the […]
Section 12-101.1 – Applicable Provisions Governing Loans
(a) On or after January 1, 2019, a lender may, at the lender’s option, elect to make a loan to any borrower either under this subtitle or as otherwise authorized by applicable law. (b) If a lender makes a written election in the agreement, note, or other evidence of the loan specifying that this subtitle will govern […]
Section 12-114 – Penalties
(a) This section does not apply to a loan subject to § 12–114.1 of this subtitle. (b) (1) Any person who violates the usury provisions of this subtitle shall forfeit to the borrower the greater of: (i) Three times the amount of interest and charges collected in excess of the interest and charges authorized by this subtitle; or (ii) The […]
Section 12-102 – General Legal Rate of Interest
Except as otherwise provided by law, a person may not charge interest in excess of an effective rate of simple interest of 6 percent per annum on the unpaid principal balance of a loan.