MARVIN MANDEL, Governor

445

(1)    ONCE DURING ANY TWELVE-MONTH PERIOD OF THE
LOAN; AND

(2)   TWICE DURING ANY FIVE-YEAR PERIOD OF THE LOAN.

REVISOR'S NOTE: This section presently appears as
Art. 66, §64.

The only changes are in style.

12-409. PROHIBITED PROVISIONS IN INSTRUMENTS WHICH
EVIDENCE OR SECURE LOAN.

AN INSTRUMENT WHICH EVIDENCES OR SECURES A LOAN MAY
NOT CONTAIN ANY:

(1)   ACCELERATION CLAUSE UNDER WHICH ANY PART OR ALL
OF THE UNPAID BALANCE OF THE LOAN NOT YET MATURED MAY BE
DECLARED DUE AND PAYABLE FOR ANY REASON OTHER THAN
DEFAULT BY THE DEBTOR IN THE PAYMENT OR IN ANOTHER
REQUIRED TERM OF THE INSTRUMENT;

(2)    PROVISION BY WHICH THE DEBTOR WAIVES ANY RIGHT
ACCRUING TO HIM UNDER THE PROVISIONS OF THIS SUBTITLE; OR

(3)   ASSIGNMENT OR ORDER FOR THE PAYMENT OF WAGES,
WHETHER EARNED OR TO BE EARNED.

REVISOR'S NOTE: This section presently appears as
Art. 66, §63.

In item (3) of this section, the words
"salary,...commissions, or other compensation"
are deleted as unnecessary in light of the
definition of "wages" in §12—401 of this
subtitle.

The only other changes are in style.

12-110. INSURANCE.

(A) COLLECTION OF INSURANCE PREMIUMS.

SUBJECT TO THE PROVISIONS OF THIS SECTION, A LENDER
MAY REQUIRE A BORROWER TO INSURE AND MAY COLLECT FROM HIM
THE PREMIUMS PAID FOR INSURANCE ON:

(1)   ANY REAL PROPERTY SECURING THE LOAN;

(2)   THE LIFE OF ANY PERSON OBLIGATED ON THE
LOAN; AND

(3)    THE TITLE OF ANY REAL PROPERTY SECURING
THE LOAN.