Maryland Statutes
Commercial Law
Title 12 - Credit Regulations

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...

Section 12-405 - Permitted Charges - (a) (1) A lender may collect a loan origination fee...

Section 12-406 - Restrictions on Payment of Commissions, Finder's Fees, and Points - (a) Except as permitted by § 12-405(a) of this subtitle,...

Section 12-407 - Duties of Lender - (a) (1) In this section the following words have the...

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...

Section 12-408 - Refinancing - A lender may not refinance a loan more often than:...

Section 12-409 - Prohibited Provisions in Instruments Which Evidence or Secure Loan - An instrument which evidences or secures a loan may not...

Section 12-409.1 - Home Buyer's Equity Protection - (a) (1) In this section the following words have the...

Section 12-410 - Insurance - (a) (1) In this section the following words have the...

Section 12-411 - Prohibited Charges - A lender may not directly or indirectly, contract for, charge,...

Section 12-412 - Lender to Comply With Subtitle - A lender may not make or offer to make any...

Section 12-413 - Civil Penalties - Except for a bona fide error of computation, if a...

Section 12-414 - Criminal Penalty - Any lender, his officer or employee and any other person...

Section 12-415 - Short Title - This subtitle may be cited as the Maryland Secondary Mortgage...

Subtitle 5 - Retail Credit Accounts

Section 12-501 - Definitions - (a) In this subtitle the following words have the meanings...

Section 12-502 - Application of Subtitle - (a) Each retail credit account established after May 31, 1967...

Section 12-503 - Establishment of Account - (a) A retail credit account may be established by a...

Section 12-504 - Maximum Finance Charge -- in General - (a) Notwithstanding any other statutory law, a seller, financial institution,...

Section 12-505 - Maximum Finance Charge -- Closed End Account - (a) In a closed end account, the finance charge may...

Section 12-505.1 - Maximum Finance Charge -- Closed End Account -- Refinancing at Higher Rate - Any closed end account made prior to July 1, 1982...

Section 12-505.2 - Maximum Finance Charge -- Closed End Account -- Change in Finance Charge During Term of Account Prohibited - A seller or holder may not enter into a closed...

Section 12-505.3 - Maximum Finance Charge -- Closed End Account -- Balloon Payment Prohibited - With respect to a closed end retail credit account established...

Section 12-506 - Maximum Finance Charge -- Open End Account - (a) In an open end account: (1) The finance charge...

Section 12-506.1 - Credit Balances - (a) In this section “credit balance” means a balance on...

Section 12-506.2 - Limitations Upon Changes in Rate Applicable to Open End Account - Changes in the rate applicable to an open end account,...

Section 12-507 - Note Taken as Part of Account - (a) If, as part of a retail credit account, a...

Section 12-508 - Attorney's Fees - If a retail credit account agreement provides for the payment...

Section 12-509 - Discount to Consumer Paying Cash - Notwithstanding any agreement to the contrary between a seller and...

Section 12-510 - Failure to Answer Status Inquiry - If a buyer inquires in writing about the status of...

Section 12-511 - Billing Statement Inquiry - (a) In this section, “billing error” means the initial occurrence...

Section 12-511.1 - Charge for Reply to Inquiry - A holder may not charge a buyer a fee for...

Section 12-512 - Waiver by Buyer Invalid - No act, agreement, or statement of a buyer may constitute...

Section 12-513 - Violation of Subtitle - (a) Except as provided in subsection (b) of this section,...

Section 12-514 - Jurisdiction of Commissioner of Financial Regulation - (a) If a complaint for violation of any provision of...

Section 12-515 - Penalties - Any person who knowingly violates or participates in the violation...

Subtitle 6 - Retail Installment Sales

Part I - Definitions

Section 12-601 - Definitions - (a) In this subtitle the following words have the meanings...

Part II - Installment Sales

Section 12-602 - False Advertising Prohibited - A seller or sales finance company may not make in...

Section 12-603 - Discrimination Prohibited - A seller or sales finance company may not discriminate against...

Section 12-604 - Form of Installment Sale Agreement - An installment sale agreement shall be evidenced by an instrument...

Section 12-605 - Delivery of Installment Sale Agreement and Receipt; Right to Cancel - (a) (1) At or before the time the buyer signs...

Section 12-606 - Disclosures Required in Installment Sale Agreement - (a) An installment sale agreement shall: (1) State the full...

Section 12-607 - Provisions Not Allowed in Instruments - (a) A holder may not take or receive any instrument...

Section 12-608 - Catalog Sale - (a) This section applies to an installment sale agreement negotiated...

Section 12-609 - Motor Vehicles - (a) The finance charge imposed on the sale of a...

Section 12-610 - Consumer Goods -- Maximum Finance Charge - Except as provided in § 12-609 of this subtitle as...

Section 12-610.1 - Consumer Goods -- Refinancing of Agreement at Higher Rate - Any agreement made before July 1, 1982, which is refinanced...

Section 12-610.2 - Consumer Goods -- Change in Finance Charge Prohibited - A holder may not enter into a retail installment sales...

Section 12-611 - Consumer Goods -- Computation of Finance Charge; Payment of Installments; Payment After Assignment - (a) (1) The finance charge under an installment sale agreement...

Section 12-612 - Consumer Goods -- Prepayment - (a) Notwithstanding the provisions of § 12-601(k) of this subtitle,...

Section 12-613 - Insurance - (a) The provisions of this section are in addition to...

Section 12-614 - Additional Charges - (a) Except as provided in subsection (b) of this section,...

Section 12-615 - Refund of Deposit - (a) (1) If, in addition to any down payment, a...

Section 12-616 - Credit for Recording and Filing Fees - (a) If the holder does not pay out to a...

Section 12-617 - Payments and Receipts - (a) (1) If a payment is made on account of...

Section 12-618 - Add-on Contract - (a) In this section, “add-on contract” means an installment sale...

Section 12-619 - Extension of Due Date or Deferral of Payments - (a) The holder of an installment sale agreement on which...

Section 12-620 - Prepayment - (a) Notwithstanding the provisions of § 12-601(k) of this subtitle...

Section 12-621 - Statement of Account - (a) At any time after execution of an agreement, but...

Section 12-622 - Cancellation of Contract and Release of Security - (a) (1) After the buyer has paid all sums due...

Section 12-623 - Delinquency Charge; Attorney's Fees and Court Costs - (a) If an agreement on which the finance charge is...

Section 12-624 - Repossession -- Holder's Right to Repossess - (a) The holder may repossess goods sold under an agreement...

Section 12-625 - Repossession -- Buyer's Right of Redemption - (a) For 15 days after the holder gives the notice...

Section 12-626 - Repossession -- Resale of Goods - (a) Subject to the provisions of subsection (b) of this...

Section 12-627 - Repossession -- Discharge of Agreement in Absence of Resale - If there is no resale of repossessed goods under §...

Section 12-628 - Promissory Note - (a) If, as part of an installment sale, a promissory...

Section 12-629 - Waiver by Buyer Invalid - No act, agreement, or statement of a buyer in an...

Section 12-630 - Violation of Subtitle - (a) Except as provided by subsections (b) and (c) of...

Section 12-631 - Jurisdiction of Commissioner of Financial Regulation - (a) If a complaint for violation of any provision of...

Part III - Sales Finance Companies -- Renewals, Extensions, or Refunds

Section 12-632 - Permitted Transactions - In connection with an installment sale agreement, a sales finance...

Section 12-633 - Written Agreement - (a) (1) Except as provided in paragraph (2) of this...

Section 12-634 - Permitted Charges - (a) A sales finance company may charge the buyer for...

Section 12-635 - Prepayment - (a) A sales finance company shall permit a buyer to...

Part IV - Penalties

Section 12-636 - Penalties - (a) Any person who knowingly violates or participates in the...

Subtitle 7 - Equal Credit Opportunity Act

Section 12-701 - Definitions - (a) In this subtitle the following words have the meanings...

Section 12-702 - Findings and Purpose - (a) The General Assembly finds that there is a need...

Section 12-703 - Jurisdiction of Commissioner of Financial Regulation - (a) If a complaint for violation of any provisions of...

Section 12-704 - Discrimination Prohibited; Compliance With or Violation of Federal Equal Credit Opportunity Act - With respect to any aspect of a credit transaction: (1)...

Section 12-705 - "Discriminatory Practices" Defined - Prohibited discriminatory practices include any: (1) Refusal to consider both...

Section 12-706 - Administration of Subtitle - The provisions of this subtitle shall be administered by the...

Section 12-707 - Civil Liability - (a) Notwithstanding the provisions of § 12–703 of this subtitle,...

Section 12-708 - Short Title - This subtitle may be cited as the Maryland Equal Credit...

Subtitle 8 - Loans -- Finder's Fees

Section 12-801 - Definitions - (a) In this subtitle the following words have the meanings...

Section 12-802 - Application of Subtitle - This subtitle does not apply to any loan: (1) Described...

Section 12-803 - Prohibited Relationship Between Broker and Lender - A mortgage broker may not be a director, officer, or...

Section 12-804 - Fees Mortgage Broker Permitted to Charge - (a) A mortgage broker may charge a finder’s fee not...

Section 12-805 - Payment of Finder's Fee - (a) A mortgage broker may not receive any fee in...

Section 12-806 - Refund of Finder's Fee - A borrower is entitled to a refund of any finder’s...

Section 12-807 - Violation of Subtitle - Any mortgage broker who violates any provision of this subtitle...

Section 12-808 - Circumstances Under Which Broker May Not Collect Fee - A licensed real estate broker, insurer, salesman, attorney-at-law, or agent...

Section 12-809 - Circumventing 12-108 - The provisions of this subtitle may not be used to...

Subtitle 9 - Credit Grantor Revolving Credit Provisions

Section 12-901 - Definitions - (a) In this subtitle the following words have the meanings...

Section 12-902 - Authorized Extensions of Credit - (a) Any credit grantor may, subject to the other provisions...

Section 12-903 - Interest and Finance Charges - (a) (1) A credit grantor may charge and collect interest...

Section 12-904 - Variation in Periodic Percentage Rate - (a) If the agreement governing the revolving credit plan so...

Section 12-905 - Additional Fees and Charges - (a) With respect to an unsecured open end credit plan,...

Section 12-906 - Plan Authorizing Both Loans and Purchases - (a) If the agreement governing a revolving credit plan permitting...

Section 12-907 - Plan Connected With Demand Deposit Account - (a) If credit under a revolving credit plan is offered...

Section 12-908 - Deferral of Scheduled Payments; Deferral Charge - A credit grantor may at any time allow a borrower...

Section 12-909 - Insurance Generally - (a) In connection with a plan established for a consumer...

Section 12-909.1 - Insurance Binders - (a) In this section, “binder” means a binder or other...

Section 12-910 - Charges for Default or Delinquency - (a) If the agreement governing a revolving credit plan permits,...

Section 12-911 - Attorney's Fees; Court or Other Collection Costs - (a) If a borrower defaults under the terms of a...

Section 12-912 - Amendment of Plan Agreement - (a) A credit grantor may, if the agreement governing a...

Section 12-913 - Applicability of Other Laws - (a) Unless otherwise provided under the express terms of the...

Section 12-913.1 - Election of Applicable Laws - (a) (1) On or after October 1, 1993, a credit...

Section 12-913.2 - Delivery of Plan Agreement; Proof of Delivery - (a) The credit grantor shall deliver a copy of the...

Section 12-914 - General Provisions - (a) If any provision of this subtitle is held invalid,...

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...

Section 12-916 - Complaint Procedure - (a) If a written complaint for violation of any provision...

Section 12-917 - Criminal Penalties - Any credit grantor or his officer or employee who willfully...

Section 12-918 - Civil Penalties - (a) (1) In this subsection, “notice” means the first to...

Section 12-918.1 - Civil Penalties -- Exception - (a) In this section, “Commissioner” means the Commissioner of Financial...

Section 12-919 - Limitation of Actions - An action for violation of this subtitle may not be...

Section 12-920 - Limitation on Credit Grantor's Liability - A credit grantor is not liable for any failure to...

Section 12-921 - Repossession - (a) (1) A credit grantor may repossess tangible personal property...

Section 12-922 - Definitions; Financing Agreements - (a) (1) In this section the following words have the...

Section 12-923 - Agreements Governing Revolving Credit Plans - (a) This section applies only to a plan established by...

Section 12-923.1 - Use of Revolving Credit Plan to Acquire Interest in or to Carry on a Business or Commercial Enterprise - (a) Any statement or characterization that indicates the borrower intends...

Section 12-924 - Release of Lien Securing Extension of Credit - (a) (1) Except as provided in paragraph (2) of this...

Section 12-925 - Credit Grantor to Consider Borrower's Ability to Repay Loan - (a) (1) In this section the following words have the...

Subtitle 10 - Credit Grantor Closed End Credit Provisions

Section 12-1001 - Definitions - (a) In this subtitle the following words have the meanings...

Section 12-1002 - Authorized Extensions of Credit - (a) Any credit grantor may, subject to the other provisions...

Section 12-1003 - Interest; Balloon Payments - (a) A credit grantor may charge and collect interest on...

Section 12-1004 - Variation in Periodic Percentage Rate - (a) If the agreement, note, or other evidence of the...

Section 12-1005 - Additional Fees and Charges - In addition to interest at a periodic percentage rate or...

Section 12-1006 - Deferral of Scheduled Payments; Deferral Charges; Insurance Premiums - A credit grantor may at any time permit a borrower...

Section 12-1007 - Insurance Generally - (a) (1) In this section the following words have the...

Section 12-1007.1 - Insurance Binders - (a) In this section, “binder” means a binder or other...

Section 12-1008 - Charges for Default or Delinquency - (a) If the agreement governing a loan permits, a credit...

Section 12-1009 - Prepayment - (a) A consumer borrower may prepay a loan in full...

Section 12-1010 - Refinancing - (a) Except as provided under subsection (c) of this section,...

Section 12-1011 - Attorney's Fees; Court and Other Collection Costs - (a) If a consumer borrower defaults under the terms of...

Section 12-1012 - Permitted Transactions and Charges - (a) (1) This subtitle does not prohibit a credit grantor...

Section 12-1013 - Applicability of Other Laws - (a) Unless otherwise provided under the express terms of the...

Section 12-1013.1 - General Provisions - (a) (1) On or after October 1, 1993, a credit...

Section 12-1013.2 - Delivery of Agreement, Note, or Other Evidence of Loan - (a) (1) Except as provided under paragraph (2) of this...

Section 12-1014 - General Provisions - (a) If any provision of this subtitle is held invalid,...

Section 12-1015 - 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 an extension...

Section 12-1016 - Complaint Procedure - (a) If a written complaint for violation of any provision...

Section 12-1017 - Criminal Penalties - Any credit grantor or his officer or employee who willfully...

Section 12-1018 - Civil Penalties - (a) (1) In this subsection, “notice” means the first to...

Section 12-1018.1 - Civil Penalties -- Exception - (a) In this section, “Commissioner” means the Commissioner of Financial...

Section 12-1019 - Limitation of Actions - An action for violation of this subtitle may not be...

Section 12-1020 - Limitation on Credit Grantor's Liability - A credit grantor is not liable for any failure to...

Section 12-1021 - Repossession - (a) (1) A credit grantor may repossess tangible personal property...

Section 12-1022 - Definitions; Financing Agreements - (a) (1) In this section the following words have the...

Section 12-1023 - Agreement or Other Evidence of Loan - (a) This section applies only to a loan made by...

Section 12-1023.1 - Obtaining Loan to Acquire Interest in or to Carry on a Business or Commercial Enterprise - (a) Any statement or characterization that indicates the borrower intends...

Section 12-1024 - Requirements Upon Loan Repayment - (a) (1) Except as provided in paragraph (2) of this...

Section 12-1025 - Written Statement Informing Consumer Borrower of Interest and Charges - (a) A credit grantor who receives scheduled monthly periodic payments...

Section 12-1026 - Escrow Account; Interest; Separability of Funds - (a) (1) In this section the following words have the...

Section 12-1027 - Lender's Inspection Fee - (a) In this section, “lender’s inspection fee” means a fee...

Section 12-1028 - Fees - (a) This section applies only to a loan to a...

Section 12-1029 - Homeowner Equity Protection - (a) (1) In this section the following words have the...

Subtitle 11 - Maryland Rental-Purchase Agreement Act

Section 12-1101 - Definitions - (a) In this subtitle the following words have the meanings...

Section 12-1102 - Effect and Applicability of Subtitle - (a) A rental-purchase agreement that complies with this subtitle may...

Section 12-1103 - Disclosures -- in General - (a) (1) A lessor shall disclose to a consumer the...

Section 12-1104 - Disclosures -- Specific Information; Tags - (a) The lessor shall disclose in each rental–purchase agreement, as...

Section 12-1105 - Prohibited Provisions - A rental-purchase agreement may not contain: (1) A confession of...

Section 12-1106 - Reinstatement; Repossession of Property - (a) A consumer who fails to make a timely rental...

Section 12-1106.1 - Maintenance of Copy of Rental-Purchase Agreement - A lessor shall maintain a copy of the rental–purchase agreement...

Section 12-1107 - Receipts - (a) A lessor shall provide the consumer with a written...

Section 12-1108 - New Rental-Purchase Agreements - (a) When a rental-purchase agreement is satisfied and replaced by...

Section 12-1109 - Advertisements - (a) An advertisement for a rental-purchase agreement that refers to...

Section 12-1110 - Penalties; Exceptions - (a) A person who willfully and intentionally violates any provision...

Section 12-1110.1 - Recovery of Property Subject to Rental-Purchase Agreement - (a) A lessor may not bring a court action to...

Section 12-1111 - Form for Disclosures - (a) The following is an example of a form which...

Section 12-1111.1 - Sample Forms on Web Site - The Attorney General’s Web site shall include the sample forms...

Section 12-1112 - Short Title - This subtitle may be cited as the Maryland Rental-Purchase Agreement...

Subtitle 12 - Reverse Mortgage Loans Act

Section 12-1201 - Definitions - (a) In this subtitle the following words have the meanings...

Section 12-1202 - Scope of Subtitle - (a) The provisions of this subtitle: (1) Apply to a...

Section 12-1203 - Specific Payment Plan or Loans to Borrowers Not Holding Fee Simple Interest Not Required - This subtitle does not require a lender that offers to...

Section 12-1204 - Conformance to Requirements of Federal Law - (a) Except as otherwise provided in this subtitle, a lender...

Section 12-1205 - Inapplicability of Federal Provisions -- Uninsured Loans - (a) A reverse mortgage loan that is not insured under...

Section 12-1206 - Requirements for Purchasers - (a) (1) Except as provided in paragraph (2) of this...

Section 12-1207 - Counseling Agency Checklists - (a) On receiving an application for a reverse mortgage loan,...

Section 12-1208 - Violations; Penalties - (a) Except as otherwise provided in this section: (1) A...

Subtitle 13 - Mortgage Loans -- Notice of Housing Counseling Programs and Services

Section 12-1301 - Definitions - (a) In this subtitle the following words have the meanings...

Section 12-1302 - Applicability of Subtitle - (a) This subtitle applies to any lender that makes a...

Section 12-1303 - Home Buyer Education or Housing Counseling - (a) Unless the lender is otherwise required by federal or...

Section 12-1304 - Closing on Mortgage Loan Without Notice Prohibited - A lender may not close on a mortgage loan unless...

Subtitle 14 - Credit Card Processors

Section 12-1401 - Definitions - (a) In this subtitle the following words have the meanings...

Section 12-1402 - Subtitle Not Applicable to Merchant Processing Agreement Between Credit Card Processor and Business Entity Under Certain Conditions - This subtitle does not apply to a merchant processing agreement...

Section 12-1403 - Merchant Processing Agreement - (a) If a business entity cancels a merchant processing agreement...

Section 12-1404 - Investigation of Complaint of Violation of 12-1403 - If a complaint about a violation of § 12–1403 of...

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Maryland Statutes Commercial Law Title 12 - Credit Regulations

Maryland Statutes
Commercial Law
Title 12 - Credit Regulations