390

LAWS OF MARYLAND

[Ch. 49

(1)    BEFORE THE EXECUTION OF A LOAN CONTRACT,
THE LENDER SHALL FURNISH TO THE BORROWER A WRITTEN
STATEMENT WHICH SETS FORTH:

(i) THE TOTAL PRINCIPAL AMOUNT OF THE LOAN
AND THE TOTAL AMOUNT OF INTEREST TO BE PAID, STATED IN
DOLLARS, EXCEPT THAT ON LOANS PAYABLE ON DEMAND, THE
TOTAL AMOUNT OF INTEREST TO BE PAID SHALL BE STATED ON A
PER DIEM BASIS;

(ii) THE ANNUAL EFFECTIVE RATE OF SIMPLE
INTEREST CHARGED, STATED IN PERCENTAGE CALCULATED TO THE
NEAREST 0.2 PERCENT; AND

(iii) THE ITEMIZED AMOUNT OF PAYMENTS IN
ADDITION TO INTEREST PAYABLE TO THE LENDER IN CONNECTION
WITH THE LOAN AT THE TIME THE LOAN IS MADE, STATED IN
DOLLARS.

(2)   IF THE LOAN IS MADE TO TWO OR MORE
BORROWERS, DELIVERY OF THE STATEMENT TO ONE BORROWER IS
SUFFICIENT, BUT A COPY OF THE STATEMENT SHALL BE
FURNISHED TO EACH OTHER BORROWER.

(3)    PARAGRAPHS (1)(ii) AND (iii) OF THIS
SUBSECTION DO NOT APPLY TO ANY LOAN SUBJECT TO THE
DISCLOSURE PROVISIONS OF THE FEDERAL TRUTH-IN-LENDING
ACT, IF[[:

(i) THE ACT AND THE REGULATIONS ADOPTED UNDER
IT REQUIRE DISCLOSURE OF THE INTEREST RATE CHARGED; AND

(ii)]] THE LENDER COMPLIES WITH THE APPLICABLE
DISCLOSURE PROVISIONS OF THE FEDERAL ACT AND [[THE]] ITS
REGULATIONS.

(C) STATEMENT OF PAYMENTS ON LOAN SECURED BY REAL
PROPERTY.

AT LEAST ANNUALLY AND, ON REQUEST OF THE BORROWER,
AT ANY OTHER REASONABLE TIME OR INTERVAL, A LENDER WHO
RECEIVES SCHEDULED MONTHLY PERIODIC PAYMENTS ON MORE THAN
FIVE LOANS SECURED BY AN INTEREST IN REAL PROPERTY SHALL
FURNISH TO [[EACH]] THE BORROWER A WRITTEN STATEMENT
INFORMING THE BORROWER OF THE AMOUNT OF:

(1)    PAYMENTS CREDITED TO REDUCING THE
PRINCIPAL;

(2)    PAYMENTS CREDITED TO INTEREST AS DEFINED
IN THIS SUBTITLE; AND

(3)   THE REMAINING UNPAID PRINCIPAL BALANCE.