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2825
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MARVIN MANDEL, Governor
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(2) EACH PARTIAL PREPAYMENT SHALL BE APPLIED:
(I) FIRST, TO ANY INTEREST ACCRUED ON THE UNPAID
PRINCIPAL BALANCE TO THE DATE OF THE PAYMENT; AND
(II) THEN, TO THE UNPAID PRINCIPAL BALANCE.
(d) After full repayment of a loan, the lender
shall:
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(1) Indelibly mark with the word "paid" or
"cancelled" and return each note, contract, or other
evidence of obligation of the borrower in the possession
of the lender;
(2) Release may mortgage, security agreement, or
other form of security instrument which no longer secures
any indebtedness to the lender; and
(3) Restore any pledge or certificate of title.
(E) AT THE REQUEST OF THE BORROWER, THE LENDER SHALL
FURNISH THE BORROWER WITH A WRITTEN STATEMENT OF THE
ACCOUNT. HOWEVER, THE LENDER IS NOT REQUIRED TO DO SO
MORE THAN ONCE IN ANY 30-DAY PERIOD.
12-310.
(b) This section does not apply to [a] ANY
commission, DIVIDEND, OR OTHER CONSIDERATION [received by
a Maryland licensed insurance agent or broker] on
insurance sold under this subtitle, at lawful rates,
RECEIVED BY A MARYLAND LICENSED INSURANCE AGENT OR BROKER
WHO IS AN OFFICER, DIRECTOR, AGENT, OR EMPLOYEE OF A
LICENSEE.
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12-310.
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(b) This section does not apply to [a]:
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(1) ANY commission, DIVIDEND, RETROSPECTIVE
RATING CREDIT, OR OTHER CONSIDERATION [received by a
Maryland licensed insurance agent or broker] on
insurance, OTHER THAN CREDIT LIFE AND HEALTH INSURANCE,
sold under this subtitle at lawful rates RECEIVED BY A
MARYLAND LICENSED AGENT OR BROKER WHO IS AN OFFICER.
DIRECTOR, AGENT, EMPLOYEE, OR AFFILIATE OF A LICENSEE;
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(2) ANY COMMISSION, DIVIDEND, RETROSPECTIVE
RATING CREDIT OR OTHER CONSIDERATION RECEIVED BY A
MARYLAND LICENSED AGENT OR BROKER WHO IS AN OFFICER,
DIRECTOR, AGENT, EMPLOYEE, OR AFFILIATE OF A LICENSEE ON
CREDIT LIFE AND HEALTH INSURANCE SOLD UNDER THIS SUBTITLE
AT LAWFUL RATES IN CONNECTION WITH LOANS OR PORTIONS OF
LOANS NOT EXCEEDING $1,200 MADE BY THE LENDER TO ANY
PERSON. A COMMISSION, DIVIDEND, RETROSPECTIVE RATING
CREDIT OR OTHER CONSIDERATION MAY NOT BE PAID TO ANY
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