reglab/housing_qa huggingface dataset:
MD. Commercial Law Code Ann. §  12-124 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-124 - Property Insurance Coverage

    (a)    (1)    (i)    In this section the following words have the meanings indicated.            (ii)    “Flood insurance coverage” means flood insurance against losses caused by flooding that are covered under a policy issued by:                1.    The federal government; or                2.    An insurer.            (iii)    “Improvements” means buildings or structures erected upon or affixed to real property that enhance the value of the real property.            (iv)    “Property insurance coverage” means property insurance against losses caused by perils that commonly are covered in insurance policies described with terms similar to “standard fire” or “standard fire with extended coverage”.            (v)    1.    “Replacement cost” means the amount needed to repair damage to or rebuild improvements on real property to restore the improvements to their pre-loss condition.                2.    “Replacement cost” does not include the value of land.        (2)    A lender may not require a borrower, as a condition to receiving or maintaining a loan secured by a first mortgage or first deed of trust, to provide or purchase property insurance coverage against risks to any improvements on any real property in an amount exceeding the replacement cost of the improvements on the real property.        (3)    A lender may not require a borrower, as a condition to receiving or maintaining a loan secured by a first mortgage or first deed of trust, to provide or purchase flood insurance coverage in an amount exceeding the replacement cost of the improvements on the real property.        (4)    In determining the replacement cost of the improvements on any real property, the lender may:            (i)    Accept the value placed on the improvements by the insurer; or            (ii)    Use the value placed on the improvements by the lender’s appraisal of the improvements.        (5)    A lender may not require that the insurance be purchased through a particular insurance producer or insurance company.    (b)    (1)    A violation of this section shall entitle the borrower to:            (i)    Seek an injunction to prohibit the lender who has engaged or is engaging in the violation from continuing or engaging in the violation;            (ii)    Reasonable attorney’s fees; and            (iii)    Damages directly resulting from the violation.        (2)    A violation of this section does not affect the validity of the first mortgage or first deed of trust securing the loan.
MD. Commercial Law Code Ann. §  12-124.1 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-124.1 - Homeowner Equity Protection

    (a)    (1)    In this section the following words have the meanings indicated.        (2)    “Covered loan” means a mortgage loan made under this subtitle that meets the criteria for a loan subject to the federal Home Ownership Equity Protection Act set forth in 15 U.S.C. § 1602(bb), as modified from time to time by Regulation Z, 12 C.F.R. Part 1026, except that the comparison percentages for the mortgage loan shall be one percentage point less than those specified in 15 U.S.C. § 1602(bb), as modified from time to time by Regulation Z, 12 C.F.R. Part 1026.        (3)    “Credit health insurance” has the meaning stated in § 13–101 of the Insurance Article.        (4)    “Credit involuntary unemployment benefit insurance” has the meaning stated in § 13–101 of the Insurance Article.        (5)    (i)    “Credit life insurance” means insurance on the life of a borrower that provides indemnity for repayment of a specific loan or credit transaction on the death of the borrower.            (ii)    “Credit life insurance” does not include life insurance payable to a beneficiary designated by the borrower other than the obligee of a specific loan or credit transaction.        (6)    “Mortgage loan” has the meaning stated in § 11–501 of the Financial Institutions Article.        (7)    “Premium” has the meaning stated in § 1–101 of the Insurance Article.        (8)    “Single premium coverage” means insurance for which the total premium is payable in one lump sum at or before the time coverage commences.    (b)    (1)    Except as provided in this subsection, a lender making a covered loan may not finance as a part of the covered loan transaction single premium coverage for:            (i)    Credit health insurance;            (ii)    Credit involuntary unemployment benefit insurance; or            (iii)    Credit life insurance.        (2)    Nothing in this subsection shall prohibit the financing of any insurance coverage in connection with a mobile home or its premises, as those terms are defined in § 8A–101 of the Real Property Article.
MD. Commercial Law Code Ann. §  12-126 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-126 - Prepayment of Outstanding Unpaid Indebtedness

    (a)    This section applies only to a loan that:        (1)    Is secured by a mortgage or deed of trust on the borrower’s primary residence; and        (2)    Is not a commercial loan.    (b)    Except to the extent expressly provided otherwise in the loan contract, a borrower may prepay all or part of outstanding unpaid indebtedness under a loan at any time.    (c)    In the event of prepayment of the entire loan, the lender shall refund or credit to the borrower the unearned portion of the precomputed interest charge. This refund or credit shall be in an amount not less than the amount which would be refunded or credited if the unearned precomputed interest charge were calculated in accordance with the actuarial method, except that the borrower may not be entitled to a refund or credit of less than $5. The unearned portion of the precomputed interest charge is, at the option of the lender, either:        (1)    That portion of the precomputed interest charge which is allocable to all originally scheduled or, if deferred, all deferred payment periods, or portions of payment periods, ending subsequent to the date of prepayment. The unearned precomputed interest charge is the total of that which would have been earned for each period, or portion of a period, had the loan not been prepaid, by applying to the unpaid balances of principal, according to the actuarial method, an annual percentage rate based on the precomputed interest charges, assuming that all payments were made as scheduled, or as deferred, if deferred. The lender, at its option, may round this annual percentage rate to the nearest 1/4 of 1 percent; or        (2)    The total precomputed interest charge less the earned precomputed interest charge. The earned precomputed interest charge shall be determined by applying an annual percentage rate based on the total precomputed interest charge, under the actuarial method, to the unpaid balances for the actual time those balances were unpaid up to the date of prepayment.    (d)    As used in subsection (c) of this section, the following terms have the meanings indicated.        (1)    “Actuarial method” means the method of allocating payments made on a loan between the outstanding principal balance of the loan and interest, by which a payment is applied first to the accumulated interest, and any remainder is subtracted from the outstanding principal balance of the loan.        (2)    “Payment period” means the time period within which scheduled payments on a loan are due as provided in the agreement, note, or other evidence of the loan.        (3)    “Precomputed interest charge” means interest as computed by an add on, discount, or other similar method.
MD. Commercial Law Code Ann. §  12-127 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 1 - Interest and Usury|Section 12-127 - Lender to Consider Homeowner's Ability to Repay Loan

    (a)    (1)    In this section the following words have the meanings indicated.        (2)    “Fully indexed rate” means the index rate, as defined in the mortgage loan documents, prevailing at the time the mortgage loan is approved by the lender, plus the margin that will apply after the expiration of an introductory interest rate.        (3)    (i)    “Mortgage loan” has the meaning stated in § 11–501 of the Financial Institutions Article.            (ii)    “Mortgage loan” does not include a reverse mortgage loan.    (b)    A lender may not make a mortgage loan without giving due regard to the borrower’s ability to repay the mortgage loan in accordance with its terms, including the fully indexed rate of the mortgage loan, if applicable, and property taxes and homeowner’s insurance whether or not an escrow account is established for the collection and payment of these expenses.    (c)    (1)    Due regard to a borrower’s ability to repay a mortgage loan must include:            (i)    Consideration of the borrower’s debt to income ratio, including existing debts and other obligations; and            (ii)    Verification of the borrower’s gross monthly income and assets by review of third–party written documentation reasonably believed by the lender to be accurate and complete.        (2)    Acceptable third–party written documentation includes:            (i)    The borrower’s Internal Revenue Service form W–2;            (ii)    A copy of the borrower’s income tax return;            (iii)    Payroll receipts;            (iv)    The records of a financial institution; or            (v)    Other third–party documents that provide reasonably reliable evidence of the borrower’s income or assets.        (3)    This subsection does not apply to a mortgage loan:            (i)    Approved for government guaranty by the Federal Housing Administration, the Veterans Administration, the United States Department of Agriculture, the Maryland Department of Housing and Community Development, or the Community Development Administration; or            (ii)    That refinances an existing mortgage loan if the refinance mortgage loan is:                1.    Offered under the federal Homeowner Affordability and Stability Plan; and                2.    Made available by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.
MD. Commercial Law Code Ann. §  12-301 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-301 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Commissioner” means the Commissioner of Financial Regulation.    (c)    “Lender” means a licensee or a person who makes a loan subject to this subtitle.    (d)    “Licensee” means a person who is required to be licensed under Title 11, Subtitle 2 of the Financial Institutions Article, the Maryland Consumer Loan Law – Licensing Provisions, regardless of whether the person is actually licensed.    (e)    (1)    “Loan” means any loan or advance of money or credit subject to this subtitle, regardless of whether the loan or advance of money or credit is or purports to be made under this subtitle.        (2)    “Loan” does not include an installment sale agreement as defined in § 12–601 of this title.    (f)    “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.    (g)    “Wages” means all remuneration paid to any employee for the employee’s employment, including the cash value of all remuneration paid in any medium other than cash.
MD. Commercial Law Code Ann. §  12-302 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-302 - License Required Unless Exempt

    A person may not engage in the business of making loans under this subtitle unless the person is licensed under or is exempt from the licensing requirements of Title 11, Subtitle 2 of the Financial Institutions Article, the Maryland Consumer Loan Law -- Licensing Provisions.
MD. Commercial Law Code Ann. §  12-304 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-304 - Advertising

    (a)    A lender may not directly or indirectly print, publish, distribute, or broadcast any false, misleading, or deceptive statement regarding the rates, terms, or conditions of a loan.    (b)    (1)    If charges or rates of charges are advertised by a licensee, the Commissioner may require him to state them fully and clearly in any manner the Commissioner considers necessary to prevent misunderstanding by a prospective borrower.        (2)    Subject to any condition which the Commissioner may impose to prevent a false impression regarding the scope or degree of protection provided by this subtitle, the Commissioner may permit or require a licensee to refer in his advertising to the fact that his business is under State supervision.
MD. Commercial Law Code Ann. §  12-305 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-305 - Discrimination Prohibited

    (a)    In granting or denying an application for a loan, a licensee may not discriminate against any loan applicant only on the basis of race, color, creed, national origin, sex, marital status, or age.    (b)    (1)    A licensee is not in violation of this section if the licensee is in compliance with the federal Equal Credit Opportunity Act and the regulations adopted under that act.        (2)    Denying an application for a loan by an applicant who is a minor is not discrimination on the basis of age.
MD. Commercial Law Code Ann. §  12-307 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-307 - Collection of Certain Fees

    (a)    At the time a loan is made, a lender may collect from the borrower:        (1)    As to any item of the total property that secures a loan:            (i)    The fees paid to a public official or governmental agency for recording or satisfying a mortgage, encumbrance, or lien on any property securing the loan; or            (ii)    An equal or lesser amount for nonfiling insurance premium on any property, or portion of the property, that is not recorded if:                1.    The Insurance Commissioner approves the rates; and                2.    A commission is not paid on the policy; and        (2)    The title insurance premiums or reasonable attorney’s fees paid for searching and insuring the title to any real property securing the loan.    (b)    A lender may collect from the borrower a fee not exceeding $15 if payment is made with a check that is dishonored on the second presentment.
MD. Commercial Law Code Ann. §  12-307.1 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-307.1 - Collection of Certain Fees -- Attorney's Fees and Court Costs

    (a)    On any loan with an original principal balance of more than $2,000, if a borrower defaults under the terms of a loan and the lender refers the borrower’s account for collection to an attorney who is not a salaried employee of the lender, and if the note, contract, or other evidence of the loan permits, the lender may charge and collect from the borrower court costs and attorney’s fees not exceeding 15 percent of the amount due and payable under the terms of the loan.    (b)    On any loan with an original principal balance of $2,000 or less, if a borrower defaults under the terms of a loan and the lender refers the borrower’s account for collection to an attorney who is not a salaried employee of the lender, and if the note, contract, or other evidence of the loan permits, the lender may recover from the borrower court costs and attorney’s fees not exceeding 15 percent of the amount due and payable under the terms of the loan, to be set by the court in the event of the filing of suit.
MD. Commercial Law Code Ann. §  12-309 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-309 - Loan to Buy Certain Goods or Services Subject to Certain Defenses

    (a)    If a lender makes a loan for the purpose of enabling a borrower to buy goods or services used primarily for personal, family, or household purposes, then, in addition to any other claim or defense which the borrower has under this subtitle, the lender is subject to the claims and defenses of the borrower against the seller arising from the sale of the goods or services, if:        (1)    The lender knows that the seller arranged for the extension of credit by the lender; or        (2)    The lender otherwise knowingly participated in the sale.    (b)    In determining that a lender knowingly participated in a sale transaction, the following factors, among others, may be considered:        (1)    The lender was a person related to the seller, unless the relationship was remote or was not a factor in the sale or loan;        (2)    The proceeds of the loan were made payable in whole or in part to the seller;        (3)    The lender took a purchase-money security interest in the goods which were the subject of the sale;        (4)    The seller guaranteed the loan or otherwise assumed the risk of loss by the lender on the loan;        (5)    The lender directly supplied to the seller a form used by the borrower to evidence or secure the loan; or        (6)    The loan was conditioned on purchase by the borrower of the goods or services from the particular seller, but the payment by the lender of any proceeds of the loan to the seller does not establish in itself that the loan was so conditioned.    (c)    (1)    The liability of a lender under this section may not exceed the amount owed to the lender with respect to the sale at the time the lender has notice of a claim or defense of the buyer against the seller.        (2)    If two or more loans are consolidated, the maximum amount owed to the lender under paragraph (1) of this subsection is determined as follows:            (i)    If the consolidated loans arose from sales made on the same day, the payments received after the consolidation are considered to be applied first to the smallest loan; and            (ii)    In any other case, the payments received after the consolidation are considered to be applied first to payment of the loan first made.    (d)    The lender is subrogated to each right and remedy which the borrower has against the seller.
MD. Commercial Law Code Ann. §  12-310 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-310 - Collateral Sale, Purchase, or Agreement in Connection With Loan

    (a)    For purposes of this subtitle, any profit or advantage which a person contracts for, collects, receives, or obtains by a collateral sale, purchase, or agreement in connection with negotiating, arranging, or making a loan is considered a charge for the loan.    (b)    This section does not apply to any commission, dividend, retrospective rating credit, or other consideration received by a licensee or a licensed insurance producer who is an officer, director, agent, employee, or affiliate of a licensee on insurance sold under this subtitle in accordance with the applicable provisions of the Insurance Article.
MD. Commercial Law Code Ann. §  12-314 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-314 - Loans at Greater Than Authorized Rate of Interest

    (a)    A person may not lend $25,000 or less if:        (1)    The person directly or indirectly contracts for, charges, or receives a greater rate of interest, charge, discount, or other consideration than that authorized by the laws of this State;        (2)    The transaction violates the federal Military Lending Act; or        (3)    The person is not licensed under or exempt from the licensing requirements under the Maryland Consumer Loan Law – Licensing Provisions.    (b)    (1)    (i)    A loan made in the amount of $25,000 or less, regardless of whether the loan is or purports to be made under this subtitle, is void and unenforceable if:                1.    Except as provided in subparagraph (ii) of this paragraph, a person contracts for a loan that has a rate of interest, charge, discount, or other consideration greater than that authorized under State law;                2.    The loan violates the federal Military Lending Act; or                3.    A person who is not licensed under or exempt from the licensing requirements under Title 11, Subtitle 2 of the Financial Institutions Article made the loan.            (ii)    A 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.        (2)    A person may not receive or retain any principal, interest, fees, or other compensation with respect to any loan that is void and unenforceable under this subsection.        (3)    This subsection does not apply to a person who is exempt from licensing under this subtitle.    (c)    (1)    This section does not apply to a loan transaction validly made in another state in compliance with a similar loan law of that state.        (2)    A lender may not collect an amount that is more than the total amount that would be permitted if this subtitle were applicable.        (3)    This section applies to all loans made by a lender domiciled in another state to a borrower who is a resident of this State if the application for the loan originated in this State.    (d)    With respect to a loan that is void and unenforceable under this section, a person may not:        (1)    Collect or attempt to collect, directly or indirectly, any amount from the borrower;        (2)    Enforce or attempt to enforce the contract against any property securing the loan; or        (3)    Sell, assign, or otherwise transfer the loan to another person.
MD. Commercial Law Code Ann. §  12-315 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-315 - Interpretation and Construction of Subtitle

    This subtitle shall be interpreted and construed to effectuate its general remedial purpose.
MD. Commercial Law Code Ann. §  12-316 (2021)
2021 Maryland Statutes|Commercial Law|Title 12 - Credit Regulations|Subtitle 3 - Consumer Loans -- Credit Provisions|Section 12-316 - Penalty

    Any licensee or his officer or employee who knowingly violates any provision of §§ 12–303 through 12–306, § 12–308, § 12–311, or § 12–314 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.