Section 12-408 – Refinancing
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.
Section 12-409 – Prohibited Provisions in Instruments Which Evidence or Secure 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 […]
Section 12-409.1 – Home Buyer’s 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 12-410 – 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 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. […]
Section 12-411 – Prohibited Charges
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.
Section 12-412 – Lender to Comply With Subtitle
A lender may not make or offer to make any secondary mortgage loan except within the terms and conditions authorized by this subtitle.
Section 12-413 – Civil Penalties
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 […]
Section 12-414 – Criminal Penalty
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.
Section 12-415 – Short Title
This subtitle may be cited as the Maryland Secondary Mortgage Loan Law.
Section 12-406 – Restrictions on Payment of Commissions, Finder’s Fees, and Points
(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 […]