(a) In this subtitle the following words have the meanings indicated. (b) “Commissioner” means the Commissioner of Financial Regulation. (c) “Lender” means a licensee or a person who makes a loan subject to this subtitle. (d) “Licensee” means a person who is required to be licensed under Title 11, Subtitle 2 of the Financial Institutions Article, the Maryland Consumer […]
A person may not engage in the business of making loans under this subtitle unless the person is licensed under or is exempt from the licensing requirements of Title 11, Subtitle 2 of the Financial Institutions Article, the Maryland Consumer Loan Law — Licensing Provisions.
(a) (1) This subtitle applies to a loan of $25,000 or less made for personal, family, or household purposes. (2) Except as provided in paragraph (3) of this subsection, this subtitle applies regardless of: (i) Whether the transaction is or purports to be made under this subtitle; (ii) Whether the transaction is or purports to be an installment loan; (iii) The […]
(a) A lender may not directly or indirectly print, publish, distribute, or broadcast any false, misleading, or deceptive statement regarding the rates, terms, or conditions of a loan. (b) (1) If charges or rates of charges are advertised by a licensee, the Commissioner may require him to state them fully and clearly in any manner the Commissioner considers […]
(a) In granting or denying an application for a loan, a licensee may not discriminate against any loan applicant only on the basis of race, color, creed, national origin, sex, marital status, or age. (b) (1) A licensee is not in violation of this section if the licensee is in compliance with the federal Equal Credit Opportunity Act […]
(a) (1) Except as provided in subsections (b) and (c) of this section, a lender may charge interest on a loan at a rate not more than the rates specified in this subsection. (2) For any loan with an original principal balance of $2,000 or less, the maximum interest rate is: (i) 2.75 percent interest per month on that […]
(a) At the time a loan is made, a lender may collect from the borrower: (1) As to any item of the total property that secures a loan: (i) The fees paid to a public official or governmental agency for recording or satisfying a mortgage, encumbrance, or lien on any property securing the loan; or (ii) An equal or […]
(a) On any loan with an original principal balance of more than $2,000, if a borrower defaults under the terms of a loan and the lender refers the borrower’s account for collection to an attorney who is not a salaried employee of the lender, and if the note, contract, or other evidence of the loan permits, […]
(a) (1) At the time a loan is made, the lender shall deliver to the borrower a statement in the English language which: (i) Quotes §§ 12–306, 12–307, and 12–312 of this subtitle, in their entireties; and (ii) Complies with § 12–106(b) of this title. (2) If there are two or more borrowers, the lender: (i) May deliver the statement to […]
(a) If a lender makes a loan for the purpose of enabling a borrower to buy goods or services used primarily for personal, family, or household purposes, then, in addition to any other claim or defense which the borrower has under this subtitle, the lender is subject to the claims and defenses of the borrower against […]
(a) For purposes of this subtitle, any profit or advantage which a person contracts for, collects, receives, or obtains by a collateral sale, purchase, or agreement in connection with negotiating, arranging, or making a loan is considered a charge for the loan. (b) This section does not apply to any commission, dividend, retrospective rating credit, or other […]
(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 lender, plus the margin that will apply after the expiration of an introductory interest rate. (3) (i) “Mortgage loan” has the meaning […]
(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) A person may not lend $25,000 or less if: (1) The person directly or indirectly contracts for, charges, or receives a greater rate of interest, charge, discount, or other consideration than that authorized by the laws of this State; (2) The transaction violates the federal Military Lending Act; or (3) The person is not licensed under or exempt […]
This subtitle shall be interpreted and construed to effectuate its general remedial purpose.
Any licensee or his officer or employee who knowingly violates any provision of §§ 12–303 through 12–306, § 12–308, § 12–311, or § 12–314 of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $500 or imprisonment not exceeding 6 months or both.
(a) A licensee or a person exempt from licensing under this subtitle is not subject to a penalty involving the forfeiture of interest or principal for a violation that arises because the licensee or person exempt from licensing in good faith: (1) Performed or omitted to perform an act in conformity with or in reliance upon: (i) A […]
(a) This subtitle may be cited as the Maryland Consumer Loan Law — Credit Provisions. (b) This subtitle and the Maryland Consumer Loan Law — Licensing Provisions may be cited jointly as the Maryland Consumer Loan Law.
