320                                       LAWS OF MARYLAND                                Ch. 196

Approved April 26, 1973.

CHAPTER 197
(Senate Bill 101)

AN ACT to add new Section 10A to Article 49 of the Annotated Code of
Maryland (1972 Replacement Volume and 1972 Supplement), title "Interest and
Usury," to follow immediately after Section 10 thereof, to I [require certain
lending institutions to give]] PROVIDE THAT certain borrowers RECEIVE
certain information [[after receiving a monthly ]] CONCERNING THEIR
payment on loans secured by real property AND. PAID. MONTHLY.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 10A be and it is hereby added to Article 49 of
the Annotated Code of Maryland (1972 Replacement Volume and 1972
Supplement), title "Interest and Usury," to follow immediately after Section 10
thereof and to read as follows:

10A.

[[ANY PERSON, building and loan association, bank, or other lending
institution receiving a scheduled periodic monthly payment on a loan secured by
real property shall AT LEAST ANNUALLY OR ON DEMAND AT ANY
TIME notify the borrower in writing [[in a mortgage payment book]] the exact
amount of the payment credited to reducing the principal of the loan, the exact
amount considered interest, and the exact amount of the remaining unpaid
principal.]] ANY PERSON RECEIVING SCHEDULED PERIODIC
MONTHLY PAYMENTS ON MORE THAN FIVE LOANS SECURED BY
REAL PROPERTY SHALL AT LEAST ANNUALLY AND, UPON
DEMAND, AT SUCH OTHER REASONABLE TIMES OR INTERVALS
NOTIFY THE BORROWER IN WRITING OF THE AMOUNT OF THE
PRIOR PAYMENTS CREDITED TO REDUCING THE PRINCIPAL OF
THE LOAN, THE AMOUNT CONSIDERED INTEREST, AND THE
AMOUNT OF THE REMAINING UNPAID PRINCIPAL.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved April 26, 1973.

CHAPTER 198
(Senate Bill 318)

AN ACT to add new subsection (d) to Section 49 of Article 96-1/2 of the
Annotated Code of Maryland (1964 Replacement Volume and 1972
Supplement), title "Veterans," subtitle "War Orphans," to follow immediately
after Section 49(c) thereof, to define the word "child" as used in Section 49 as
including a legitimate child, an adopted child, or stepchild of qualified veterans
under this Section.