HARRY HUGHES, Governor

113

the loan, whichever is less. If, however, within 30 days of
the inception date of the loan, the borrower does provide a
loss payable endorsement for the protection of the lender,
and no claim has been filed under the coverage purchased,
the lender shall cancel the property insurance on the loan
and shall refund the entire original property insurance
premium to the borrower. A lender providing property
insurance under this section shall give the borrower, at the
time the loan is made, a written notice of the borrower's
right to provide a loss payable endorsement for the
protection of the lender and the borrower's right to a
refund of the entire property insurance premium.

12-313.

(b) If any amount in excess of the charges permitted
by this subtitle is directly or indirectly contracted for,
charged, or received by a licensee or a person who is exempt
from licensing, and (1) if the excess charge [were] WAS made
willfully for the benefit of the lender, then the lender may
not receive or retain any interest or compensation with
respect to the loan; or (2) if the excess charge [were] WAS
not made willfully for the benefit of the lender, and if the
lender does not correct the error before the borrower makes
the next payment on the loan, then the lender is liable to
the borrower for an amount equal to three times the excess
amount, but the lender may continue to receive principal,
interest, or compensation with respect to the loan.

12-407.

(a) (1) In this section THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2)  "[cost] COST of the loan" means the total
amount of:

[(1)] (I) As nearly as the same can be
determined, the charges payable by the borrower for the loan
under §§ 12-405 (a) and (b) and 12-410; and

[(2)] (II) The interest which will be
charged if the loan is carried to maturity.

(3)  "COMMISSIONER" HAS THE MEANING STATED IN §
12-301(B) OF THE FINANCIAL INSTITUTIONS ARTICLE.

17-310.

(b)  The report shall be verified and shall include:

(2) In case of unclaimed funds of an insurance
corporation, the full name of the insured, annuitant,
principal, or claimant, and the last known address according
to the insurance [corporations'] CORPORATION'S records;