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 12-405 – Permitted Charges
(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 […]
Section 12-401 – Definitions
(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 […]
Section 12-402 – License Required Unless Exempt
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.
Section 12-402.1 – Applicable Provisions Governing Loans
(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 […]
Section 12-403 – False Advertising
(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.
Section 12-403.1 – Discrimination Prohibited
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.
Section 12-404 – Amount of Loan; Interest; Payment in Installments
(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 […]
Section 12-404.1 – Fees, Discounts, Points, etc., Permitted by Mortgage Purchase Programs
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 […]