Section 12-924 – Release of Lien Securing Extension of Credit
(a) (1) Except as provided in paragraph (2) of this subsection, this section applies only to a plan between a credit grantor and a consumer borrower under which a credit grantor has taken any property as security for credit extended under the plan. (2) This section does not apply to a loan to which § 3-105.1 of the […]
Section 12-913 – Applicability of Other Laws
(a) Unless otherwise provided under the express terms of the agreement governing a revolving credit plan, the provisions of Subtitle 1, 3, 4, 5, 6, or 10 of this title do not apply to any extension of credit made pursuant to a revolving credit plan if: (1) The plan is established before October 1, 1993; and (2) The […]
Section 12-925 – Credit Grantor to Consider Borrower’s Ability to Repay Loan
(a) (1) In this section the following words have the meanings indicated. (2) “Fully indexed rate” means the index rate, as defined in the mortgage loan documents, prevailing at the time the mortgage loan is approved by the credit grantor, plus the margin that will apply after the expiration of an introductory interest rate. (3) (i) “Mortgage loan” has the […]
Section 12-913.1 – Election of Applicable Laws
(a) (1) On or after October 1, 1993, a credit grantor may at its option elect to offer a plan to any borrower either pursuant to this subtitle or as otherwise permitted by applicable law. (2) In order for a plan to be established under and governed by this subtitle, a credit grantor shall make a written election […]
Section 12-913.2 – Delivery of Plan Agreement; Proof of Delivery
(a) The credit grantor shall deliver a copy of the agreement governing the plan to the borrower no later than 30 days after the credit grantor establishes the account governed by the agreement for the borrower’s use. (b) If there is more than one borrower, a copy of the agreement governing the plan may be delivered to […]
Section 12-914 – General Provisions
(a) If any provision of this subtitle is held invalid, the invalidity shall not affect any other provision of this subtitle which can be given effect without the invalid provision. (b) Notwithstanding any other provisions of this title, a plan under this subtitle is subject only to the disclosure requirements of this subtitle and, to the extent […]
Section 12-915 – Applicability of Certain Provisions of Financial Institutions Article; License to Be Issued by Commissioner of Financial Regulation
(a) A credit grantor making a loan or extension of credit under this subtitle is subject to the licensing, investigatory, enforcement and penalty provisions of Title 11, Subtitle 3 of the Financial Institutions Article unless the credit grantor or the loan or extension of credit is exempt under Title 11, Subtitle 3 of the Financial Institutions […]
Section 12-916 – Complaint Procedure
(a) If a written complaint for violation of any provision of this subtitle, including the disclosure requirements of this subtitle and the federal Truth in Lending Act and regulations promulgated thereunder, or any other law of this State that regulates loans or other extensions of credit is filed with the Commissioner of Financial Regulation, the Commissioner […]
Section 12-904 – Variation in Periodic Percentage Rate
(a) If the agreement governing the revolving credit plan so provides, the periodic percentage rate of interest or finance charges under the plan may vary in accordance with an index or formula that: (1) Is made readily available to and verifiable by the borrower; (2) Is beyond the control of the credit grantor; and (3) May be within the […]
Section 12-905 – Additional Fees and Charges
(a) With respect to an unsecured open end credit plan, fees or charges may not be imposed on a consumer borrower in addition to interest or finance charges as permitted by this subtitle, except as follows: (1) If the plan is offered by a seller of goods or services, or both, and may be used only for […]