|
|
|
|
|
|
|
|
|
|
|
|
|
2828 LAWS OF MARYLAND Ch. 693
TOTAL OF PAYMENTS OF THE LOAN;
(II) A WAITING PERIOD OF AT LEAST 14 DAYS; AND
(III) PERIODIC BENEFITS, THE AMOUNT OF EACH OF WHICH
MAY NOT EXCEED THE ORIGINALLY SCHEDULED TOTAL OF PAYMENTS
UNDER THE LOAN CONTRACT, DIVIDED BY THE NUMBER OF
INSTALLMENTS.
(3) THE INITIAL AMOUNT OF CREDIT LIFE INSURANCE MAY
NOT EXCEED THE ORIGINALLY SCHEDULED TOTAL OF PAYMENTS
UNDER THE LOAN CONTRACT. IF THE LOAN IS REPAYABLE IN
SUBSTANTIALLY EQUAL INSTALLMENTS, THE AMOUNT OF LIFE
INSURANCE AT ANY TIME MAY NOT EXCEED THE SCHEDULED UNPAID
TOTAL OF PAYMENTS AT THAT TIME.
(3) THE AMOUNT OF CREDIT LIFE INSURANCE IN FORCE
MAY NOT EXCEED THE SCHEDULED UNPAID PRINCIPAL BALANCE
UNDER THE LOAN CONTRACT.
(D) [(c)] Under this subtitle, insurance may be
obtained only;
(1) From an insurance company qualified to do
business in the State; and
(2) At rates not exceeding those approved by the
Insurance Division of the Department of Licensing and
Regulation.
(E) [(d)] Within 25 days after a lender has charged
for any insurance [policy required] in connection with a
loan, he shall deliver a copy of [it] THE APPROPRIATE
POLICY OR CERTIFICATE to the borrower.
12-313.
(a) With respect to any loan, a lender may not:
(1) Directly or indirectly contract for, charge, or
receive any interest, discount, fee, fine, commission,
charge, brokerage, or other consideration in excess of
that permitted by this subtitle; [or]
(2) Divide into separate parts any contract made for
the purpose or with the effect of obtaining charges in
excess of that permitted by this subtitle[.]; OR
(3) ENFORCE A CONTRACT OF SURETY OR GUARANTEE UNLESS
THE LOAN CONTRACT WITH THE BORROWER IS EXECUTED ALSO BY
THE SURETY OR GUARANTOR.
(b) (1) Except [for an accidental or bona fide error
or computation] AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, if any amount in excess of the charges
permitted by this subtitle is directly or indirectly
contracted for, charged, or received, the loan contract
is void, and the lender may not receive or retain any
principal, interest, charges, or compensation with
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
