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HARRY HUGHES, Governor
3869
TOTAL OF PAYMENTS
SEPARATE LOAN AGREEMENTS CONSOLIDATED LOAN AGREEMENT
$_____TOTAL OF $____TOTAL OF PAYMENTS
PAYMENTS FOR YOUR FOR YOUR CONSOLIDATED
EXISTING LOAN LOAN
____TOTAL OF PAYMENTS
FOR YOUR NEW LOAN
(2) THE LENDER MUST ALLOW THE BORROWER THE
CHOICE OF REPAYING HIS EXISTING LOAN BALANCE AT THE
ORIGINALLY AGREED UPON RATE AND OBTAINING ANY ADDITIONAL
EXTENSION OF CREDIT AS A SEPARATE LOAN, NOTWITHSTANDING ANY
LAW WHICH LIMITS THE LENDER'S ABILITY TO MAKE MORE THAN 1
LOAN TO THE SAME BORROWER;
(3) THE LENDER MUST REFUND OR CREDIT TO THE
BORROWER'S ACCOUNT ANY UNEARNED INTEREST AND ANY RETURNED
INSURANCE PREMIUMS UPON THE CANCELLATION OF INSURANCE SOLD
IN CONNECTION WITH THE LOAN;
(4) EXCEPT IN THE CASE OF A DEMAND LOAN, A LOAN
MAY BE REFINANCED ONLY UPON THE BORROWER'S REQUEST;
(5) THE LENDER MUST ALLOW THE BORROWER THE RIGHT
TO CANCEL THE CONSOLIDATED LOAN AGREEMENT WITHIN 3 BUSINESS
DAYS. THE LENDER SHALL PROVIDE TO THE BORROWER CONSPICUOUS
NOTICE OF THE PROVISIONS OF THIS SUBSECTION; AND
(6) NOTHING IN THIS SUBSECTION SHALL PROHIBIT
THE RECEIPT OF THE LOAN PROCEEDS BY THE BORROWER AT THE TIME
THE CONSOLIDATED LOAN AGREEMENT IS MADE. THE BORROWER MUST
RETURN ANY LOAN PROCEEDS RECEIVED PURSUANT TO THE
CONSOLIDATED LOAN AGREEMENT IF HE ELECTS TO CANCEL THE
CONSOLIDATED LOAN AGREEMENT PURSUANT TO SUBSECTION (5). THE
BORROWER MAY RETAIN THE LOAN PROCEEDS IF HE ELECTS THE
SEPARATE LOAN OPTION PURSUANT TO SUBSECTION (2).
12-117.
WITH RESPECT TO ANY LOAN MADE AT A RATE PURSUANT TO
SECTIONS 12-103(A) AND (C), OR 12-404 OF THE COMMERCIAL LAW
ARTICLE OR SECTION 6-507 OF THE FINANCIAL INSTITUTIONS
ARTICLE, THE LENDER MUST COMPLY WITH SECTION 14-1302 OF THIS
TITLE EXCEPT THAT SUBSECTION (C) OF SECTION 14-1302 IS NOT
APPLICABLE.
12-118.
A LENDER MAY NOT ENTER INTO A LOAN AGREEMENT, PROVIDING
FOR AN INITIAL INTEREST RATE PURSUANT TO SECTIONS 12-103(A)
AND (C), 12-306, OR 12-404 OF THE COMMERCIAL LAW ARTICLE OR
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