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1579
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HARRY HUGHES, Governor
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(b) (1) [Any] EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, ANY person who willfully requires a borrower to make
a false or misleading statement in violation of subsection (a),
or who willfully procures such statement, knowing that it is
false or misleading, shall forfeit to the borrower three times
the amount of interest and charges contracted for or collected in
excess of that permitted by law, in addition to any other penalty
otherwise provided in this title.
(2) WHEN A LOAN OBTAINED BY A BORROWER IS NOT SUBJECT
TO RESTRICTIONS IMPOSED BY LAW ON THE MAXIMUM AMOUNT OF A FINANCE
CHARGE AND INTEREST, ANY PERSON WHO WILLFULLY REQUIRES A BORROWER
TO MAKE A FALSE OR MISLEADING STATEMENT IN VIOLATION OF
SUBSECTION (A) OF THIS SECTION, OR WHO WILLFULLY PROCURES SUCH A
STATEMENT, KNOWING THAT IT IS FALSE OR MISLEADING, SHALL FORFEIT
TO THE BORROWER THREE TIMES THE FINANCE CHARGE, OR INTEREST ,
INTEREST, OR OTHER COMPENSATION WITH RESPECT TO THE LOAN, IN
ADDITION TO ANY OTHER PENALTY OTHERWISE PROVIDED IN THIS TITLE.
(C) IF A WRITTEN COMPLAINT FOR VIOLATION OF THIS SECTION IS
FILED WITH THE CONSUMER PROTECTION DIVISION OF THE DEPARTMENT OF
LAW, THE DEPARTMENT MAY INVESTIGATE THE COMPLAINT AND HOLD A
HEARING IN ACCORDANCE WITH TITLE 13 OF THIS ARTICLE.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 24, 1983.
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CHAPTER 513
(Senate Bill 427)
AN ACT concerning
Secondary Mortgage Loans - Commercial Purpose -
False Statements
FOR the purpose of requiring the Bank Commissioner to develop and
prepare a form, to be furnished by certain lenders to an
applicant for a secondary mortgage loan; providing that the
form shall state the rights that the borrower will forfeit
if the loan is for a commercial purpose; providing for
independent evidence that the loan is being sought for a
certain purpose; and generally relating to secondary
mortgage loans providing that if a loan obtained by a
borrower is not subject to restrictions imposed by law on
the maximum amount of a finance charge and interest, any
person who willfully procures or requires a false statement
from a borrower shall forfeit the finance charge or interest
and certain fees in addition to being liable for any other
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