(a) In this section, “steer” means, in connection with a consumer credit transaction secured by a mobile home, to direct a prospective consumer borrower to complete a transaction in any way based on the fact that a mobile home retailer will receive compensation, directly or indirectly, from a lender or credit grantor that is in excess of any compensation or gain received in a comparable cash transaction.
(b) A mobile home retailer:
(1) Has a duty of good faith and fair dealing in providing financial information to a prospective consumer borrower, including providing financial information in a manner that is not misleading or deceptive and that discloses all material facts;
(2) May not steer a prospective consumer borrower to financing products that offer less favorable terms; and
(3) Shall provide a written statement to a prospective consumer borrower in accordance with § 14–4203 of this subtitle.
Structure Maryland Statutes