(a) In this subtitle the following words have the meanings indicated. (b) “Lender” means: (1) A licensee; or (2) A person who makes a secondary mortgage loan but is exempt expressly from the licensing requirements of the Maryland Mortgage Lender Law. (c) “Licensee” means a person who is required to be licensed under the Maryland Mortgage Lender Law, regardless of […]
A person may not make a loan under this subtitle unless he is licensed under or exempt from the licensing requirements of the Maryland Mortgage Lender Law.
(a) (1) 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. (2) In order to make a loan under this subtitle, a lender shall make a written election in the agreement, note, or other evidence […]
(a) A person may not advertise directly or indirectly in the State any false or misleading statement regarding secondary mortgage loans or their availability. (b) This section does not apply to the owner, publisher, operator, or employee of any publication or radio or television station which disseminates the statement without knowledge of its false or misleading character.
In granting or denying any application for a loan, a lender may not discriminate against any loan applicant solely on the basis of age. Refusal to grant a loan to an applicant who is under the age of 18 is not discrimination solely on the basis of age.
(a) A lender may: (1) Make a loan in such an amount that the net proceeds of the loan equal a predetermined sum; and (2) Take interest in advance on the full amount of the loan for the period from the date the loan is made to the date of maturity of the final installment. (b) A lender may […]
Notwithstanding the provisions of §§ 12-404, 12-405(a), and 12-411 of this subtitle, a lender may impose and collect, as a condition of making a loan, all fees, discounts, points, or other charges that lenders are permitted or required to impose, collect, or pay pursuant to a federal law providing for a program of mortgage purchases […]
(a) (1) A lender may collect a loan origination fee for making a loan under this subtitle only as provided in this section. (2) The aggregate amount of the loan origination fee imposed by a lender under this section when combined with any finder’s fee imposed by a mortgage broker under § 12-804 of this title may not […]
(a) Except as permitted by § 12-405(a) of this subtitle, any commission, finder’s fee, or point shall be paid by the lender, and may be paid only to: (1) A licensed real estate broker; (2) A lawyer licensed to practice law in the State; or (3) A licensee. (b) An agreement to pay a commission, finder’s fee, or point may […]
(a) (1) In this section the following words have the meanings indicated. (2) “Commissioner” has the meaning stated in § 12–301(b) of this article. (3) “Cost of the loan” means the total amount of: (i) As nearly as the same can be determined, the charges payable by the borrower for the loan under §§ 12–405(a) and (b) and 12–410 of […]
(a) The Commissioner shall develop and prepare a form that each lender shall furnish to an applicant for a secondary mortgage loan. The form shall state the following: (1) The purpose for which the loan is to be used; (2) A disclosure that, if the loan is for a commercial purpose, the borrower shall forfeit certain rights. (b) The […]
A lender may not refinance a loan more often than: (1) Once during any twelve-month period of the loan; and (2) Twice during any five-year period of the loan.
An instrument which evidences or secures a loan may not contain any: (1) Acceleration clause under which any part or all of the unpaid balance of the loan not yet matured may be declared due and payable for any reason other than default by the debtor in the payment or in another required term of the […]
(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 […]
(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 and 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. […]
A lender may not directly or indirectly, contract for, charge, or receive, any interest, discount, fee, fine, commission, brokerage, charge, or other consideration in excess of that permitted by this subtitle.
A lender may not make or offer to make any secondary mortgage loan except within the terms and conditions authorized by this subtitle.
Except for a bona fide error of computation, if a lender violates any provision of this subtitle he may collect only the principal amount of the loan and may not collect any interest, costs, or other charges with respect to the loan. In addition, a lender who knowingly violates any provision of this subtitle also […]
Any lender, his officer or employee and any other person who willfully violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $1,000 or imprisonment not exceeding one year or both.
This subtitle may be cited as the Maryland Secondary Mortgage Loan Law.
