|
3540 LAWS OF MARYLAND Ch. 609
(1) EXPRESSLY DISCLOSED TO THE BORROWER; AND
(2) AGREED TO BY BOTH THE BORROWER AND THE
LENDER/SELLER IN WRITING.
12-404.2
(3) IF THE LOAN IS A RENEWAL OR REFINANCING OF A
LOAN MADE PRIOR TO JULY 1, 1982, THE LENDER COMPLIES WITH
SECTION 12-116 OF THIS TITLE;
(4) IF THE LOAN INCLUDES A PROVISION FOR A RATE
OF INTEREST WHICH MAY BE ADJUSTED BY THE LENDER DURING THE
TERM OF THE LOAN, THE LENDER COMPLIES WITH SECTION 12-118 OF
THIS TITLE; AND
(5) IF THE LOAN IS FOR THE PURCHASE OF CONSUMER
GOODS, THE LOAN CONTRACT COMPLIES WITH SECTION 12-117 OF
THIS TITLE.
12-404.1.
NOTWITHSTANDING THE PROVISIONS OF SECTIONS 12-404,
12-405(A) AND 12-411, A LENDER MAY IMPOSE AND COLLECT, AS A
CONDITION OF MAKING A LOAN, ALL FEES, DISCOUNTS, POINTS, OR
OTHER CHARGES THAT LENDERS ARE PERMITTED OR REQUIRED TO
IMPOSE, COLLECT, OR PAY PURSUANT TO A FEDERAL LAW PROVIDING
FOR A PROGRAM OF MORTGAGE PURCHASES OR LOANS ORIGINATED
PURSUANT TO A STATE OR LOCAL GOVERNMENTAL PROGRAM OF DIRECT
LENDING OR MORTGAGE PURCHASE, OR BY ANY FEDERAL AGENCY OR
INSTRUMENTALITY OR SUBSIDIARY THEREOF, INCLUDING BUT NOT
LIMITED TO THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, THE
FEDERAL NATIONAL MORTGAGE ASSOCIATION, THE FEDERAL HOME LOAN
MORTGAGE CORPORATION, THE FEDERAL RESERVE BANK, THE FEDERAL
HOME LOAN BANK, AND THE FARMERS HOME ADMINISTRATION, IF THE
FOLLOWING CONDITIONS ARE MET:
(1) THE LOAN IS ELIGIBLE FOR PURCHASE PURSUANT
TO A COMMITMENT OR OFFER TO PURCHASE BY THE FEDERAL, STATE,
OR LOCAL GOVERNMENT AGENCY, INSTRUMENTALITY, OR SUBSIDIARY;
AND
(2) THE FEES, DISCOUNTS, POINTS, OR OTHER
CHARGES IMPOSED, AND THE INTEREST RATE ON THE LOAN, DO NOT
EXCEED THOSE ALLOWED BY THE APPLICABLE FEDERAL LAW PROVIDING
FOR THE MORTGAGE PURCHASE PROGRAM.
(2) (I) THE SUM OF THE FEES, DISCOUNTS, POINTS,
OR OTHER CHARGES IMPOSED PLUS THE INTEREST RATE ON THE LOAN
DOES NOT EXCEED 24 PERCENT; AND
(II) THE FEES, DISCOUNTS, POINTS, OR OTHER
CHARGES IMPOSED AND THE INTEREST RATE ON THE LOAN DO NOT
EXCEED THOSE ALLOWED BY THE APPLICABLE FEDERAL LAW PROVIDING
FOR THE MORTGAGE PURCHASE PROGRAM.
|
