Section 12-312 – Insurance
(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 12-314 – Loans at Greater Than Authorized Rate of Interest
(a) A person may not lend $25,000 or less if: (1) The person directly or indirectly contracts for, charges, or receives a greater rate of interest, charge, discount, or other consideration than that authorized by the laws of this State; (2) The transaction violates the federal Military Lending Act; or (3) The person is not licensed under or exempt […]
Section 12-315 – Interpretation and Construction of Subtitle
This subtitle shall be interpreted and construed to effectuate its general remedial purpose.
Section 12-316 – Penalty
Any licensee or his officer or employee who knowingly violates any provision of §§ 12–303 through 12–306, § 12–308, § 12–311, or § 12–314 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 12-316.1 – Penalty — Reliance Upon Written Opinions
(a) A licensee or a person exempt from licensing under this subtitle is not subject to a penalty involving the forfeiture of interest or principal for a violation that arises because the licensee or person exempt from licensing in good faith: (1) Performed or omitted to perform an act in conformity with or in reliance upon: (i) A […]
Section 12-317 – Short Titles
(a) This subtitle may be cited as the Maryland Consumer Loan Law — Credit Provisions. (b) This subtitle and the Maryland Consumer Loan Law — Licensing Provisions may be cited jointly as the Maryland Consumer Loan Law.
Section 12-307 – Collection of Certain Fees
(a) At the time a loan is made, a lender may collect from the borrower: (1) As to any item of the total property that secures a loan: (i) The fees paid to a public official or governmental agency for recording or satisfying a mortgage, encumbrance, or lien on any property securing the loan; or (ii) An equal or […]
Section 12-307.1 – Collection of Certain Fees — Attorney’s Fees and Court Costs
(a) On any loan with an original principal balance of more than $2,000, if a borrower defaults under the terms of a loan and the lender refers the borrower’s account for collection to an attorney who is not a salaried employee of the lender, and if the note, contract, or other evidence of the loan permits, […]
Section 12-308 – Duties of Lender
(a) (1) At the time a loan is made, the lender shall deliver to the borrower a statement in the English language which: (i) Quotes §§ 12–306, 12–307, and 12–312 of this subtitle, in their entireties; and (ii) Complies with § 12–106(b) of this title. (2) If there are two or more borrowers, the lender: (i) May deliver the statement to […]
Section 12-309 – Loan to Buy Certain Goods or Services Subject to Certain Defenses
(a) If a lender makes a loan for the purpose of enabling a borrower to buy goods or services used primarily for personal, family, or household purposes, then, in addition to any other claim or defense which the borrower has under this subtitle, the lender is subject to the claims and defenses of the borrower against […]