MARVIN MANDEL, Governor                                 425

of "public official."

In items (1) and (2) of this section, the
words "actual," modifying "fees" and "title
insurance," are deleted as unnecessary.

The only other changes are in style.

For provisions which limit the right to take a
security interest in real or personal
property, see §12—311(b) of this subtitle.

With respect to the use of the term "lender"
in substitution for "licensee," see revisor's
note to §12-301(c).

12-308. DUTIES OF LENDER.

(A) STATEMENT TO BORROWER.

(1)         AT THE TIME A LOAN IS MADE, THE LENDER
SHALL DELIVER TO THE BORROWER A STATEMENT IN THE ENGLISH
LANGUAGE WHICH:

(i) QUOTES §§ 12-303(A) AND (B), 12-306,
12-307, 12-311(B), 12-312, 12-313, AND 12-315 OF THIS
SUBTITLE, IN THEIR ENTIRETIES; AND

(ii)        DISCLOSES ALL THE INFORMATION REQUIRED

BY THE FEDERAL TRUTH-IN-LENDING ACT, IN THE FORM AND
TERMINOLOGY SET FORTH IN REGULATION Z OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(2)      IF THERE ARE TWO OR MORE BORROWERS, THE
LENDER MAY DELIVER THE STATEMENT TO ANY ONE OF THE
BORROWERS.

(B) RECEIPT FOR PAYMENTS.

(1) EXCEPT AS PROVIDED IN PARAGRAPHS (2) AND
(3) OF THIS SUBSECTION, AT THE TIME A LENDER RECEIVES A
PAYMENT ON ACCOUNT OF A LOAN, THE LENDER SHALL DELIVER TO
THE PERSON MAKING THE PAYMENT A RECEIPT WHICH SPECIFIES:

(i) THE AMOUNT APPLIED TO PRINCIPAL;

(ii) THE AMOUNT APPLIED TO INTEREST AND OTHER
CHARGES; AND

(iii)        THE UNPAID PRINCIPAL BALANCE OF THE

LOAN.

(2) THE LENDER MAY DELIVER AN UNITEMIZED
RECEIPT AT THE TIME OF PAYMENT IF HE DELIVERS THE