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Ch. 106
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642
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LAWS OF MARYLAND
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real property, and OR MAY MAKE A SECONDARY MORTGAGE TO AID IN THE
SALE OF THE BORROWER'S RESIDENCE OR PURCHASE OF A NEW RESIDENCE,
AND may create a balloon payment at maturity of the deferred
purchase money mortgage OR THE SECONDARY RESIDENTIAL MORTGAGE, if
the balloon payment is:
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(2) A LENDER, INCLUDING A SELLER WHO TAKES A MORTGAGE
OR DEED OF TRUST TO SECURE PAYMENT OF ALL OR A PORTION OF THE
PURCHASE PRICE OF A RESIDENCE SOLD TO A BORROWER, MAY MAKE A LOAN
FOR THE PURPOSE OF AIDING THE BORROWER IN THE SALE OF THE
BORROWER'S RESIDENCE OR THE PURCHASE OF A NEW RESIDENCE, AND MAY
CREATE A BALLOON PAYMENT AT MATURITY OF THIS LOAN IF THE BALLOON
PAYMENT IS:
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(i) Expressly disclosed to the borrower;
(ii) Agreed to by both the borrower and the
lender/seller in writing; and
(iii) Required to be postponed one time, upon
becoming due, at the borrower's request, for a period not to
exceed 24 months, provided that the borrower continues to make
the monthly installments provided for in the original loan
agreement, and no new closing costs, processing fees or similar
fees are imposed on the borrower as a result of the extension.
HOWEVER, THE REQUIREMENT OF SUBPARAGRAPH (III) DOES NOT APPLY IF
THE LOAN TERMS REQUIRE PAYMENT IN FULL WITHIN 12 MONTHS OR LESS,
EXCEPT THAT A BORROWER MAY POSTPONE PAYMENT OF THE BALLOON
PAYMENT ONCE FOR A PERIOD NOT TO EXCEED 6 MONTHS AND IF, DURING
THE EXTENSION PERIOD, THE BORROWER CONTINUES TO MAKE PAYMENTS IN
THE AMOUNT REQUIRED PRIOR TO MATURITY, THE LENDER MAY NOT IMPOSE
ANY CHARGES OR FEES AS A RESULT OF THE EXTENSION PERIOD.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 10, 1983.
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CHAPTER 107
(Senate Bill 218)
AN ACT concerning
Segmental Advisory Committee - Membership
FOR the purpose of altering the composition of the Segmental
Advisory Committee to the State Board for Higher Education;
and eliminating a limitation on the number of terms that a
member may be reapppointed.
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