HARRY HUGHES, Governor

893

of the federal Truth-in-Lending Act, if the lender complies
with the applicable disclosure provisions of the federal act
and its regulations provided, however, that the disclosures
required by paragraph (1) (i) of this subsection shall be
made in connection with any loan secured by residential real
property.

(5) Paragraphs (1) (i), (ii) and (iii) of this
subsection do not apply with respect to a commercial loan in
the amount of $5,000 or less where the lender furnishes the
information contained in the act to the same extent as if
such loan were subject to the provisions of the act] A
STATEMENT THAT COMPLIES WITH THE APPLICABLE DISCLOSURE
PROVISIONS OF THE FEDERAL TRUTH-IN-LENDING ACT IS SUFFICIENT
TO MEET THE REQUIREMENTS OF THIS TITLE.

12-308.

(a) (1) At the time a loan is made, the lender shall
deliver to the borrower a statement in the English language
which-[-:

(i) Quotes §§ 12-306, 12-307, 12-312, and
12-313 of this subtitle, in their entireties; and

(ii)X 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] COMPLIES WITH §
12-106(B).

(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.

12-407.

(b)  At the time a loan is made, the lender shall
deliver to the borrower a statement in a form prescribed by
the commissioner which[:

(1)  Clearly sets forth each limitation imposed
on the lender and each right given to the borrower under §§
12-404, 12-405, and 12-410 of this subtitle;

(2)  Clearly states that the borrower is under no
obligation to deal with the lender;

(3)  Contains a schedule which shows the cost of
the loan; and