US Lawyer Database

Section 12-407 – Duties of Lender

    (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 […]

Section 12-407.1 – Form for Secondary Mortgage Loan; Required Statements; Charges Permissible Under 12-404.1; Compliance With 12-401(i)(3)

    (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 […]

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 12-409.1 – 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 12-413 – 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.