TITLE 12. CREDIT REGULATIONS

 

Subtitle 1. Interest and Usury.

		12-101. Definitions.

		12-102. General legal rate of interest.

		12-103. Other permitted rates of interest; licensing requirements.

		12-104. Interest not considered usurious.

		12-105. Charges not considered interest.

		12-106. Statements to be furnished by lender.

		12-106.1. Requiring false statement that loan is commercial loan.

		12-107. Computing interest rate if charge assessed at inception of loan.

		12-108. Points prohibited; exceptions; charges which lenders may impose.

		12-109. Interest on escrow accounts; statement of balance.

		12-109.1. Use of escrow account funds for certain purposes prohibited.

		12-109.2. Management of escrow accounts; lender's bankruptcy; fees and charges.

		12-110. Effect of assignment on usurious loan or contract.

		12-111. Limitation of actions.

		12-112. Usury not available against bona fide assignee.

		12-113. Discrimination prohibited.

		12-114. Penalties.

		12-115. Repossession of goods securing loan.

		12-116. Refinancing of loan at higher rate.

		12-117. Compliance with § 14-1302.

		12-118. Change in rate of interest or finance charge during term of obligation.

		12-119. Real property closing costs.

		12-120. When borrower required to pay for services of lender's attorney.

		12-121. Lender's inspection fees.

		12-122. Violations.

		12-123. Insurance binders.

		12-124. Property insurance coverage.

		12-124.1. Homeowner equity protection.

		12-125. Financing agreements.

		12-126. Prepayment of outstanding unpaid indebtedness.

		12-127. Lender to consider homeowner's ability to repay loan.

 

Subtitle 2. Small Loans - Credit Provisions.

		12-201 to 12-214. [Repealed].

 

Subtitle 3. Consumer Loans - Credit Provisions.

		12-301. Definitions.

		12-302. License required unless exempt.

		12-303. Application of subtitle.

		12-304. Advertising.

		12-305. Discrimination prohibited.

		12-306. Interest on loan.

		12-307. Collection of certain fees.

		12-307.1. Same - Attorney's fees and court costs.

		12-308. Duties of lender.

		12-309. Loan to buy certain goods or services subject to certain defenses.

		12-310. Collateral sale, purchase, or agreement in connection with loan.

		12-311. Certain security for loan not allowed; homeowner equity protection.

		12-312. Insurance.

		12-313. Prohibited charges and transactions; remedies for excess charges.

		12-314. Loans at greater than authorized rate of interest.

		12-315. Interpretation and construction of subtitle.

		12-316. Penalty.

		12-316.1. Same - Reliance upon written opinions.

		12-317. Short titles.

 

Subtitle 4. Secondary Mortgage Loans - Credit Provisions.

		12-401. Definitions.

		12-402. License required unless exempt.

		12-403. False advertising.

		12-403.1. Discrimination prohibited.

		12-404. Amount of loan; interest; payment in installments.

		12-404.1. Fees, discounts, points, etc., permitted by mortgage purchase programs.

		12-405. Permitted charges.

		12-406. Restrictions on payment of commissions, finder's fees, and points.

		12-407. Duties of lender.

		12-407.1. Form for secondary mortgage loan; required statements; charges permissible under § 12-404.1; compliance with § 12-401(i)(3).

		12-408. Refinancing.

		12-409. Prohibited provisions in instruments which evidence or secure loan.

		12-409.1. Home buyer's equity protection.

		12-410. Insurance.

		12-411. Prohibited charges.

		12-412. Lender to comply with subtitle.

		12-413. Civil penalties.

		12-414. Criminal penalty.

		12-415. Short title.

 

Subtitle 5. Retail Credit Accounts.

		12-501. Definitions.

		12-502. Application of subtitle.

		12-503. Establishment of account.

		12-504. Maximum finance charge - In general.

		12-505. Same - Closed end account.

		12-505.1. Same - Same - Refinancing at higher rate.

		12-505.2. Same - Same - Change in finance charge during term of account prohibited.

		12-505.3. Same - Same - Balloon payment prohibited.

		12-506. Same - Open end account.

		12-506.1. Credit balances.

		12-506.2. Limitations upon changes in rate applicable to open end account.

		12-507. Note taken as part of account.

		12-508. Attorney's fees.

		12-509. Discount to consumer paying cash.

		12-510. Failure to answer status inquiry.

		12-511. Billing statement inquiry.

		12-511.1. Charge for reply to inquiry.

		12-512. Waiver by buyer invalid.

		12-513. Violation of subtitle.

		12-514. Jurisdiction of Commissioner of Financial Regulation.

		12-515. Penalties.

 

Subtitle 6. Retail Installment Sales.

 

PART I. Definitions.

		12-601. Definitions.

 

PART II. Installment Sales.

		12-602. False advertising prohibited.

		12-603. Discrimination prohibited.

		12-604. Form of installment sale agreement.

		12-605. Delivery of installment sale agreement and receipt; right to cancel.

		12-606. Disclosures required in installment sale agreement.

		12-607. Provisions not allowed in instruments.

		12-608. Catalog sale.

		12-609. Motor vehicles.

		12-610. Consumer goods - Maximum finance charge.

		12-610.1. Same - Refinancing of agreement at higher rate.

		12-610.2. Same - Change in finance charge prohibited.

		12-611. Same - Computation of finance charge; payment of installments; payment after assignment.

		12-612. Same - Prepayment.

		12-613. Insurance.

		12-614. Additional charges.

		12-615. Refund of deposit.

		12-616. Credit for recording and filing fees.

		12-617. Payments and receipts.

		12-618. Add-on contract.

		12-619. Extension of due date or deferral of payments.

		12-620. Prepayment.

		12-621. Statement of account.

		12-622. Cancellation of contract and release of security.

		12-623. Delinquency charge; attorney's fees and court costs.

		12-624. Repossession - Holder's right to repossess.

		12-625. Same - Buyer's right of redemption.

		12-626. Same - Resale of goods.

		12-627. Same - Discharge of agreement in absence of resale.

		12-628. Promissory note.

		12-629. Waiver by buyer invalid.

		12-630. Violation of subtitle.

		12-631. Jurisdiction of Commissioner of Financial Regulation.

 

PART III. Sales Finance Companies - Renewals, Extensions, or Refunds.

		12-632. Permitted transactions.

		12-633. Written agreement.

		12-634. Permitted charges.

		12-635. Prepayment.

 

PART IV. Penalties.

		12-636. Penalties.

 

Subtitle 7. Equal Credit Opportunity Act.

		12-701. Definitions.

		12-702. Findings and purpose.

		12-703. Jurisdiction of Commissioner of Financial Regulation.

		12-704. Discrimination prohibited; compliance with or violation of federal Equal Credit Opportunity Act.

		12-705. Discriminatory practices defined.

		12-706. Administration of subtitle.

		12-707. Civil liability.

		12-708. Short title.

 

Subtitle 8. Loans - Finder's Fees.

		12-801. Definitions.

		12-802. Application of subtitle.

		12-803. Prohibited relationship between broker and lender.

		12-804. Fees mortgage broker permitted to charge.

		12-805. Payment of finder's fee.

		12-806. Refund of finder's fee.

		12-807. Violation of subtitle.

		12-808. Circumstances under which broker may not collect fee.

		12-809. Circumventing § 12-108.

 

Subtitle 9. Credit Grantor Revolving Credit Provisions.

		12-901. Definitions.

		12-902. Authorized extensions of credit.

		12-903. Interest and finance charges.

		12-904. Variation in periodic percentage rate.

		12-905. Additional fees and charges.

		12-906. Plan authorizing both loans and purchases.

		12-907. Plan connected with demand deposit account.

		12-908. Deferral of scheduled payments; deferral charge.

		12-909. Insurance generally.

		12-909.1. Insurance binders.

		12-910. Charges for default or delinquency.

		12-911. Attorney's fees; court or other collection costs.

		12-912. Amendment of plan agreement.

		12-913. Applicability of other laws.

		12-913.1. Election of applicable laws.

		12-913.2. Delivery of plan agreement; proof of delivery.

		12-914. General provisions.

		12-915. Applicability of certain provisions of Financial Institutions Article; license to be issued by Commissioner of Financial Regulation.

		12-916. Complaint procedure.

		12-917. Criminal penalties.

		12-918. Civil penalties.

		12-918.1. Civil penalties - Exception.

		12-919. Limitation of actions.

		12-920. Limitation on credit grantor's liability.

		12-921. Repossession.

		12-922. Definitions; financing agreements.

		12-923. Agreements governing revolving credit plans.

		12-923.1. Use of revolving credit plan to acquire interest in or to carry on a business or commercial enterprise.

		12-924. Release of lien securing extension of credit.

		12-925. Credit grantor to consider borrower's ability to repay loan.

 

Subtitle 10. Credit Grantor Closed End Credit Provisions.

		12-1001. Definitions.

		12-1002. Authorized extensions of credit.

		12-1003. Interest; balloon payments.

		12-1004. Variation in periodic percentage rate.

		12-1005. Additional fees and charges.

		12-1006. Deferral of scheduled payments; deferral charges; insurance premiums.

		12-1007. Insurance generally.

		12-1007.1. Insurance binders.

		12-1008. Charges for default or delinquency.

		12-1009. Prepayment.

		12-1010. Refinancing.

		12-1011. Attorney's fees; court and other collection costs.

		12-1012. Permitted transactions and charges.

		12-1013. Applicability of other laws.

		12-1013.1. General provisions.

		12-1013.2. Delivery of agreement, note, or other evidence of loan.

		12-1014. General provisions.

		12-1015. Applicability of certain provisions of Financial Institutions Article; license to be issued by Commissioner of Financial Regulation.

		12-1016. Complaint procedure.

		12-1017. Criminal penalties.

		12-1018. Civil penalties.

		12-1018.1. Civil penalties - Exception.

		12-1019. Limitation of actions.

		12-1020. Limitation on credit grantor's liability.

		12-1021. Repossession.

		12-1022. Definitions; financing agreements.

		12-1023. Agreement or other evidence of loan.

		12-1023.1. Obtaining loan to acquire interest in or to carry on a business or commercial enterprise.

		12-1024. Requirements upon loan repayment.

		12-1025. Written statement informing consumer borrower of interest and charges.

		12-1026. Escrow account; interest; separability of funds.

		12-1027. Lender's inspection fee.

		12-1028. Fees.

		12-1029. Homeowner equity protection.

 

Subtitle 11. Maryland Rental-Purchase Agreement Act.

		12-1101. Definitions.

		12-1102. Effect and applicability of subtitle.

		12-1103. Disclosures - In general.

		12-1104. Same - Specific information; tags.

		12-1105. Prohibited provisions.

		12-1106. Reinstatement; repossession of property.

		12-1107. Receipts.

		12-1108. New rental-purchase agreements.

		12-1109. Advertisements.

		12-1110. Penalties; exceptions.

		12-1111. Form for disclosures.

		12-1112. Short title.

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