reglab/housing_qa huggingface dataset:
MD. Commercial Law Code Ann. §  12-107 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-107 - Computing Interest Rate if Charge Assessed at Inception of Loan

    If a charge or fee considered interest under this subtitle is charged at or before the inception of a loan contract, the effective rate of simple interest permitted to be charged by §§ 12-102 and 12-103 of this subtitle, and required to be disclosed by § 12-106 of this subtitle shall be determined in the same manner as if the fee or charge had not been charged, except that the principal of the loan used in determining the rate of interest is the face amount of the loan less the fee or charge.
MD. Commercial Law Code Ann. §  12-108 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-108 - Points Prohibited; Exceptions; Charges Which Lenders May Impose

    (a)    Except for a loan described in § 12–103(d) or (e) of this subtitle, a lender may not charge a borrower or any other person any point or fraction of a point.    (b)    Notwithstanding the provisions of subsection (a) of this section, a lender may charge points on a mortgage loan which is not insured or guaranteed by an agency or instrumentality of the United States government if:        (1)    The loan is eligible for purchase by an agency or instrumentality of the United States government, or a subsidiary thereof, pursuant to the Emergency Home Purchase Assistance Act of 1974 (PL93–449) or any amendment to it, and is tendered in good faith for purchase pursuant to a commitment obtained by the lender from such an agency, instrumentality, or subsidiary; and        (2)    The federal law, rules, or regulations under which the agency, instrumentality, or subsidiary is authorized to purchase the loan allows the payment of points, and the points charged and the interest rate on the loan are not in excess of those allowed under the federal program.    (c)    Notwithstanding the provisions of subsection (a) of this section, a lender may impose and collect, as a condition of making a loan, all fees, discounts, points, or other charges that lenders are permitted or required to impose, collect, or pay pursuant to a federal or Maryland law providing for a program of mortgage purchases or loans originated pursuant to a State or local governmental program of direct lending or mortgage purchase, or by any federal agency or instrumentality or subsidiary thereof, including, but not limited to, Government National Mortgage Association, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Reserve Bank, Federal Home Loan Bank, and the Farmers Home Administration, provided that all of the following conditions are met:        (1)    The loan is eligible for purchase by, and is tendered in good faith, for purchase, pursuant to a commitment or offer to purchase by the federal, State, or local governmental agency, instrumentality, or subsidiary;        (2)    The fees, discounts, points, or other charges imposed, and the interest rate on the loan, do not exceed those allowed by the applicable federal or Maryland law providing for the mortgage purchase program; and        (3)    Not more than one point is charged to the borrower, unless the federal law specifies a higher limit on points which may be charged to the borrower.
MD. Commercial Law Code Ann. §  12-109.2 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-109.2 - Management of Escrow Accounts; Lender's Bankruptcy; Fees and Charges

    (a)    (1)    In this section the following terms have the meanings indicated.        (2)    “Escrow account” has the meaning stated in § 12-109 of this subtitle.        (3)    “Lender” includes a lender and assignee of a lender.        (4)    “Mortgage” includes a mortgage and a deed of trust.    (b)    (1)    Funds in any escrow account shall be kept separate from and may not be commingled with the funds of the lender.        (2)    A lender may place escrow funds received in connection with more than one mortgage into a single escrow account.        (3)    In the event of the bankruptcy of the lender, any escrow funds placed in any escrow account under this section may not be considered to be part of the bankrupt estate of the lender.    (c)    A lender may not impose a collection fee or service charge on the maintenance of an escrow account on a first mortgage.
MD. Commercial Law Code Ann. §  12-110 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-110 - Effect of Assignment on Usurious Loan or Contract

    An assignment of wages is void if given as security for the payment or fulfillment of a usurious contract or the payment of the principal or interest on a usurious loan.
MD. Commercial Law Code Ann. §  12-111 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-111 - Limitation of Actions

    (a)    This section does not apply to a loan subject to § 12–114.1 of this subtitle.    (b)    A private action for usury under this subtitle may not be brought more than 6 months after the loan is satisfied.
MD. Commercial Law Code Ann. §  12-112 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-112 - Usury Not Available Against Bona Fide Assignee

    (a)    This section does not apply to a loan subject to § 12–114.1 of this subtitle.    (b)    A claim or plea of usury is not available against a legal or equitable assignee, endorsee, or transferee of any bond, draft, mortgage, deed of trust, security agreement, promissory note, or other instrument or evidence of indebtedness, if he receives it for a bona fide and legal consideration without notice of any usury in its creation or subsequent assignment.
MD. Commercial Law Code Ann. §  12-113 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-113 - Discrimination Prohibited

    (a)    Except as provided in subsection (b) of this section, a lender may not refuse to lend money to any person solely because of:        (1)    Geographic area or neighborhood; or        (2)    Race, creed, color, age, sex, marital status, handicap, or national origin.    (b)    A lender may refuse to make a loan:        (1)    On property outside a geographic area of the State in which the lender normally does business;        (2)    To be used in a type of business or activity other than a type in connection with which the lender normally makes loans; or        (3)    Because of a greater than normal risk, including one due to:            (i)    The presence of an airport;            (ii)    An unusual drainage condition; or            (iii)    Any other situation which causes a greater than normal risk of loss in a particular area.
MD. Commercial Law Code Ann. §  12-114 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-114 - Penalties

    (a)    This section does not apply to a loan subject to § 12–114.1 of this subtitle.    (b)    (1)    Any person who violates the usury provisions of this subtitle shall forfeit to the borrower the greater of:            (i)    Three times the amount of interest and charges collected in excess of the interest and charges authorized by this subtitle; or            (ii)    The sum of $500.        (2)    A claim or plea of usury is not valid if, within 30 days from the date the loan contract was executed, the lender:            (i)    Notifies the borrower and any other party to the loan contract that the loan was usurious; and            (ii)    Agrees to modify it by substituting for the usurious rate of interest a legal rate of interest not exceeding the stated rate of interest.    (c)    Any person who violates the disclosure provisions of § 12–106(b) and (c) of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $1,000 or imprisonment not exceeding 1 year or both.    (d)    Even if a loan document is executed outside of the State, this section is applicable if the loan is made to a resident of Maryland and is secured by property located within the State.
MD. Commercial Law Code Ann. §  12-114.1 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-114.1 - Covered Loan Prohibitions

    (a)    (1)    In this section the following words have the meanings indicated.        (2)    (i)    “Covered loan” means a loan subject to § 12–103(a)(3) or (c) of this subtitle, made for personal, family, or household purposes, regardless of whether the loan is or purports to be made under this subtitle.            (ii)    “Covered loan” does not include:                1.    A loan or an advance of money or credit subject to Subtitle 3 of this title, unless a written election is made under § 12–101.1 of this subtitle;                2.    A plan or loan for which a written election has been made under Subtitle 3, Subtitle 4, Subtitle 9, or Subtitle 10 of this title; or                3.    An installment sale agreement as defined in § 12–601 of this title.        (3)    “Unlicensed person” means a person who is not:            (i)    Licensed in the State to make a covered loan; and            (ii)    Exempt from licensing in the State.    (b)    This section applies to a covered loan made to any person.    (c)    (1)    An unlicensed person may not make a covered loan.        (2)    A person may not make a covered loan if the person directly or indirectly contracts for, charges, or receives a rate of interest, charge, discount, or other consideration that is greater than the amount authorized under State law.        (3)    A person may not make a covered loan that violates the federal Military Lending Act.    (d)    (1)    A covered loan made by an unlicensed person is void and unenforceable.        (2)    (i)    Except as provided in subparagraph (ii) of this paragraph, a covered loan is void and unenforceable if a person contracts for a covered loan that has a rate of interest, charge, discount, or other consideration greater than the amount authorized under State law.            (ii)    A covered loan is not void and unenforceable if:                1.    A clerical error or mistake resulted in the rate of interest, charge, discount, or other consideration being greater than the amount authorized under State law; and                2.    A person corrects the error or mistake before the first payment is due under the loan.        (3)    A covered loan that violates the federal Military Lending Act is void and unenforceable.        (4)    With respect to a loan that is void and unenforceable under this section, a person may not:            (i)    Collect or attempt to collect, directly or indirectly, any amount from the borrower;            (ii)    Enforce or attempt to enforce the contract against any property securing the loan; or            (iii)    Sell, assign, or otherwise transfer the loan to another person.
MD. Commercial Law Code Ann. §  12-116 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-116 - Refinancing of Loan at Higher Rate

    Any loan made before July 1, 1982, which is refinanced at a higher rate pursuant to § 12–103(a) and (c) of this subtitle or § 12–306 or § 12–404 of this title must comply with the following requirements:        (1)    The lender must give the following disclosures in writing to the borrower prior to the execution by the borrower of the new loan agreement:    If you do agree to consolidate your existing loan, you will be paying an annual percentage rate of . . . . .% on the existing net balance of $. . . ., instead of the rate of . . . . . .% which you are now paying.
MD. Commercial Law Code Ann. §  12-117 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-117 - Compliance With 14-1302

    With respect to any loan made at a rate pursuant to § 12–103(a) and (c) of this subtitle or § 12–404 of this title, the lender must comply with § 14–1302 of this article except that subsection (c) of § 14–1302 is not applicable.
MD. Commercial Law Code Ann. §  12-118 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-118 - Change in Rate of Interest or Finance Charge During Term of Obligation

    A lender may not enter into a loan agreement, providing for an initial interest rate pursuant to § 12–103(a) and (c) of this subtitle or § 12–306 or § 12–404 of this title, which contains a provision that permits the lender to increase or decrease the applicable rate of interest or finance charges from time to time during the term of the obligation, unless:        (1)    The loan is secured by an interest in real property;        (2)    Any such provision limits adjustments in the rate on an obligation as follows:            (i)    The increase and decrease in the rate is determined by an objective index which is not directly controlled by the lender and which is agreed upon by the parties to the agreement.            (ii)    The rate may not be adjusted more frequently than once in a 6 month period.                1.    The amount of increase in any 6 month period may not be more than the equivalent of 1 percentage point above the rate in effect prior to the rate change.                2.    Notwithstanding subparagraph (i) of this paragraph, if the rate of change in any index so allows, the rate may be increased to not more than the originally contracted for rate if authorized by the loan agreement. The agreed upon additional increases must comply with subparagraph (i).                3.    Notwithstanding subparagraph (i) of this paragraph, the lender may decrease the rate at any time and by any amount;        (3)    Interest rate decreases warranted by decreases in the agreed upon index shall be mandatory except to the extent that past increases in the index have not been implemented by the lender, either at his option or because the lender was subject to the rate change limitation of paragraph (2) of this section;        (4)    The loan instrument shall specify the circumstances under which the rate may increase or decrease, any limitations on an increase or decrease, and the effects of an increase or decrease;        (5)    A lender must allow the borrower the choice of implementing the variable rate feature of the loan either by changes in the amount of periodic payments or by extending or reducing the length of the term of the obligation;        (6)    Through a periodic billing statement or other written notice, the borrower is notified of the basis and effect of a change in rate, including any change in the required periodic payment amount, at least 15 days prior to the due date of the first payment that reflects the changed rate; and        (7)    No new closing costs, processing fees or similar fees are imposed on the borrower as a result of adjustments in rate.
MD. Commercial Law Code Ann. §  12-119 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|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.
MD. Commercial Law Code Ann. §  12-120 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-120 - When Borrower Required to Pay for Services of Lender's Attorney

    (a)    This section applies to any loan, other than a commercial loan, to be secured by a mortgage or deed of trust on a borrower’s primary residence.    (b)    A lender may require the borrower to pay for services rendered by the lender’s attorney in connection with a loan described in subsection (a) of this section only if:        (1)    The attorney’s fee is limited to legal services attributable to processing and closing the loan and not to unrelated services performed by the attorney for the lender;        (2)    The amount of the attorney’s fee, if in excess of $100, is supported by a statement, provided to the borrower at or prior to settlement, that:            (i)    Describes the services performed;            (ii)    Sets forth the time spent by the attorney and the hourly rate or other basis for determining the fee;            (iii)    States that the legal services are being performed on behalf of the lender and not on behalf of the borrower; and            (iv)    States that the services are being paid for by the borrower;        (3)    The amount of the attorney’s fee is reasonable on the basis of the legal services performed; and        (4)    The attorney’s fee is separately itemized on the loan settlement sheet and identified as a fee to the lender’s attorney.    (c)    (1)    A lender may not require as a condition of settlement that a borrower employ a particular attorney or title insurance company to perform a title search, examination of title, or closing if:            (i)    The borrower notifies the lender, within 7 days after application for the loan, of the name and business address of the borrower’s choice of attorney or title insurance company to perform the title search, examination of title, or closing; and            (ii)    The lender does not reject the borrower’s choice of attorney or title insurance company for good cause within 7 days after the receipt of the notice under item (i) of this paragraph.        (2)    Subject to the requirements of subsection (b) of this section, this subsection may not be construed to prohibit a lender from requiring a borrower to pay for:            (i)    Preparation of loan closing documents;            (ii)    Title insurance;            (iii)    Review of documents prepared by the borrower’s attorney; or            (iv)    Attendance at settlement by the lender’s attorney.
MD. Commercial Law Code Ann. §  12-121 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-121 - Lender's Inspection Fees

    (a)    In this section, the term “lender’s inspection fee” means a fee imposed by a lender to pay for a visual inspection of real property.    (b)    Except as provided in subsection (c) of this section, a lender may not impose a lender’s inspection fee in connection with a loan secured by residential real property.    (c)    A lender’s inspection fee may be charged if the inspection is needed to ascertain completion of:        (1)    Construction of a new home; or        (2)    Repairs, alterations, or other work required by the lender.    (d)    This section does not apply to an appraisal of the value of real property by a lender or to fees imposed in connection with an appraisal.
MD. Commercial Law Code Ann. §  12-122 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-122 - Violations

    Any lender who knowingly and willfully violates any provision of § 12-103, § 12-109.2, § 12-119, § 12-120, or § 12-121 of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $500, or imprisonment not exceeding 6 months, or both.
MD. Commercial Law Code Ann. §  12-123 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-123 - Insurance Binders

    (a)    In this section, “binder” means a binder or other temporary contract of insurance as provided under § 12-106 of the Insurance Article.    (b)    A lender shall comply with this section if the lender:        (1)    Makes any loan secured by a first mortgage or a first deed of trust on any interest in owner-occupied residential real property; and        (2)    As a condition of making the loan, requires the borrower to purchase property insurance or credit loss insurance.    (c)    A lender who makes a loan subject to this section shall accept as evidence of insurance a written binder issued by any authorized insurer or its insurance producer if the binder includes or is accompanied by:        (1)    The name and address of the insured borrower;        (2)    The name and address of the lender;        (3)    A description of the insured residential real property;        (4)    A provision that the binder may not be canceled within the term of the binder unless the lender and the insured borrower receive written notice of the cancellation at least 10 days prior to the cancellation;        (5)    Except in the case of the renewal of a policy subsequent to the closing of the loan, a paid receipt for the full amount of the applicable premium; and        (6)    The amount of coverage.    (d)    This section does not prohibit a lender from refusing to honor a binder in cases where:        (1)    The lender receives notice of the cancellation of the binder by the insurer; or        (2)    At the expiration of 30 days of the date the binder was given, the insurer has failed to issue the policy of insurance.