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 12-1001 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) (1) “Balloon payment” means any scheduled payment on an installment loan that is more than 2 times the average of all other payments scheduled to repay the installment loan. (2) “Balloon payment” does not include a down payment. (c) “Borrower” means a corporation, partnership, association, government, or governmental […]
Section 12-1002 – Authorized Extensions of Credit
(a) Any credit grantor may, subject to the other provisions of this subtitle, offer and extend closed end credit to a borrower. (b) In connection with closed end credit offered and extended under this subtitle, a credit grantor may charge and collect the interest and other charges permitted by this subtitle and may take any security as […]