444

LAWS OF MARYLAND

[Ch. 49

(1)    AFTER FULL REPAYMENT OF A LOAN, THE
LENDER SHALL:

(i) INDELIBLY MARK WITH THE WORD "PAID" OR
"CANCELLED" AND RETURN EACH NOTE OR OTHER PAPER SIGHED BY
THE BORROWER; AND

(ii) RELEASE THE MORTGAGE, DEED OF TRUST,
SECURITY AGREEMENT, OR OTHER LIEN.

(2)   THE LENDER SHALL PREPARE THE RELEASE OF
THE MORTGAGE, DEED OF TRUST, SECURITY AGREEMENT, OR OTHER
LIEN AT HIS OWN EXPENSE.

REVISOR'S NOTE: This section presently appears as
Art. 66, §§ 65 and 66.

In subsection (b) of this section, "at the
time a loan is made" is substituted for "at
the consummation of the loan contract."

In subsection (b) (1) of this section, the word
"lender" is substituted for "licensee" to
conform the usage to that found in the
introductory language in §65 and elsewhere in
this subtitle.

For clarity and conformity, subsection (b)(4)
of this section has been revised to
incorporate the language used in Subtitle 1 of
this title, "annual effective rate of simple
interest"; in this regard, see revisor's note
to the definition of that term in §12-101 of
this title.

In subsection (c)(2) of this section, the word
"request" is substituted for "demand" for the
purpose of clarity.

In subsection (d) (1) of this section, the
phrases "in full or in part" and "without
penalty" also are added for the purpose of
clarity.

In subsection (e) (1) (ii) and (e) (2) of this
section, the term "security agreement" is
added to conform to the terminology used in
the definition of a secondary mortgage loan.

The only other changes are in style.

12-408. REFINANCING.

A LENDER MAY NOT REFINANCE A LOAN MORE OFTEN

THAN: