(a) In accordance with the regulations of the Division Director, a savings and loan association may permit borrowers to repay indebtedness on a loan by any method of repayment or plan, including a plan or repayment of indebtedness on a loan that is other than a direct monthly reduction of principal plan that has a fixed interest rate, level payments, and full amortization.
(b) If a savings and loan association offers any alternative mortgage instrument on an owner-occupied residential loan in addition to a standard direct monthly reduction of principal plan, as required by the Division Director, the association shall give each prospective borrower information on the alternative plan and the standard plan.
Structure Maryland Statutes
Title 9 - Savings and Loan Associations
Subtitle 4 - General Powers and Provisions
Part II - General Provisions -- Operations
Section 9-416 - Adverse Claim to Money
Section 9-419 - Investments Authorized
Section 9-420 - Specific Limitations on Authorized Investments
Section 9-421 - Alternative Mortgage Instruments
Section 9-422 - Title to Investments; Exception
Section 9-423 - Right to Hold Investments
Section 9-424 - Expenses Charged Borrowers
Section 9-426 - Trustee or Custodian Under Federal Retirement Acts