|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 167
|
|
|
|
|
1780
|
|
|
|
|
|
LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annotated Code of Maryland
(1975 Volume and 1976 Supplement)
|
|
|
|
|
|
|
|
|
|
BY adding to
|
|
|
|
|
|
|
|
|
Article - Commercial Law
Section 12-106(c)(4) and (5)
|
|
|
|
|
|
|
|
|
|
Annotated Codes of Maryland
(1975 Volume and 1976 Supplement)
|
|
|
|
|
|
|
|
|
|
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 12-106(b)(1) of Article -
Commercial Law, of the Annotated Code of Maryland (1975
Volume and 1976 Supplement) be and it is hereby repealed
and reenacted, with amendments, to read as follows:
|
|
|
|
|
|
|
|
|
|
Article - Commercial Law
|
|
|
|
|
|
|
|
|
12-106.
|
|
|
|
|
|
|
|
|
(b) (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] FINANCE CHARGE AS
DEFINED IN THE FEDERAL-TRUTH-IN-LENDING ACT to be paid,
stated in dollars, except that on loans payable on
demand, the total amount of [interest] FINANCE CHARGE 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.
|
|
|
|
|
|
|
|
|
|
SECTION 2. AND BE IT FURTHER ENACTED, That new
Sections 12-106(c)(4) and (5) be and they are hereby
added to Article Commercial Law, of the Annotated Code
of Maryland (1975 Volume and 1976 Supplement) to read as
follows:
|
|
|
|
|
|
|
|
|
|
Article - Commercial Law
|
|
|
|
|
|
|
|
|
12-106.
|
|
|
|
|
|
|
|
|
(c) 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 the borrower a written
statement informing the borrower of the amount of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
