Maryland Statutes
Subtitle 1 - Interest and Usury
Section 12-119 - Real Property Closing Costs

(a)    This section applies to any application for a loan, other than a commercial loan, to be secured by a first mortgage or first deed of trust on a borrower's primary residence.
    (b)    Any lender that imposes fees on borrowers for settlement services, or document review services, performed by a lender-designated attorney, or who conditions settlement on the employment of a particular attorney or title insurance company under § 12-120(c) of this subtitle, shall provide a prospective borrower with a written notice stating:
        (1)    The lender’s requirements concerning selection of an attorney, title insurance company, or other person to perform settlement services relating to the purchase of the real property;
        (2)    The borrower’s ability to choose an attorney or title insurance company under § 12-120(c) of this subtitle; and
        (3)    A good faith estimate of the fee or fees to be charged to the borrower.
    (c)    If notice is required by this section:
        (1)    The notice shall be provided at the time of or within 3 days after the application for a loan, or earlier upon request; and
        (2)    A copy of the notice, signed by the applicant, shall accompany any executed application for a loan.

Structure Maryland Statutes