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2824 LAWS OF MARYLAND Ch. 693
[12-311 (b),] 12-312, AND 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:
(i) may deliver the statement to any one of the
borrowers; AND
(II) AT THE REQUEST OF ANY OTHER BORROWER, SHALL
DELIVER A COPY OF THE STATEMENT TO THAT BORROWER WITHIN
10 DAYS AFTER THE REQUEST.
(b) (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 required itemized
receipt within [a reasonable time] 10 DAYS after the
payment.
(3) The lender is not required to issue a receipt
if, before the due date of each payment, he regularly
delivers to the borrower a billing statement which
specifies:
(i) The previous unpaid principal balance of the
loan;
(ii) The amount and date of each payment made during
the billing period;
(iii) The amount of each of these payments applied
to interest;
(iv) The amount of each of these payments applied to
principal;
(v) The current unpaid principal balance; and
(vi) The amount and due date of the next maturing
installment.
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(c) (1) A lender shall permit a borrower to prepay a
loan in full or in part at any time, without penalty.
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