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746
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LAWS OF MARYLAND
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Ch. 143
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(III) EXAMINATION OF TITLE, APPRAISAL, OR OTHER
COSTS NECESSARY OR APPROPRIATE TO THE SECURITY OF THE LOAN; AND
(IV) PREMIUMS FOR ANY INSURANCE COVERAGE
PERMITTED UNDER THIS SUBTITLE.
(D) FOR PURPOSES OF THIS SUBTITLE, FEES AND CHARGES
PERMITTED UNDER THIS SECTION ARE NOT INTEREST WITH RESPECT TO A
LOAN.
12-1006.
A BANK CREDIT GRANTOR MAY AT ANY TIME PERMIT A BORROWER TO
DEFER SCHEDULED PAYMENTS OF A LOAN AND MAY, IN CONNECTION WITH
THE DEFERRAL AND BY AGREEMENT OF THE BANK CREDIT GRANTOR AND
BORROWER:
(1) CHARGE AND COLLECT DEFERRAL CHARGES; AND
(2) REQUIRE PAYMENT BY THE BORROWER OF THE ADDITIONAL
COST TO THE BANK CREDIT GRANTOR OF PREMIUMS FOR CONTINUING IN
FORCE, UNTIL THE END OF THE PERIOD OF DEFERRAL, ANY INSURANCE
COVERAGE PROVIDED IN CONNECTION WITH THE LOAN.
12-1007.
(A) (1) A BANK CREDIT GRANTOR MAY NOT REQUIRE A CONSUMER
BORROWER TO BE INSURED FOR A LOAN, UNDER A LIFE, HEALTH, ACCIDENT,
HEALTH AND ACCIDENT, OR OTHER CREDIT OR INSURANCE POLICY, WHETHER
GROUP OR INDIVIDUAL, BUT THE BANK CREDIT GRANTOR MAY OFFER
INSURANCE COVERAGE FOR VOLUNTARY PURCHASE BY ANY CONSUMER
BORROWER AND MAY FINANCE THE PREMIUMS FOR THE INSURANCE.
(2) IF A LOAN TO A CONSUMER-BORROWER IS SECURED BY
AN INTEREST IN REAL OR PERSONAL PROPERTY, THE BANK CREDIT GRANTOR
MAY REQUIRE THE BORROWER TO OBTAIN INSURANCE, FROM AN INSURER
ACCEPTABLE TO THE BANK CREDIT GRANTOR, AGAINST LOSS OF OR DAMAGE
TO THE PROPERTY, OR AGAINST ANY LIABILITY ARISING OUT OF THE
OWNERSHIP OR USE OF THE PROPERTY AND MAY FINANCE THE PREMIUMS FOR
THE INSURANCE.
(B) (1) IN THE CASE OF A BORROWER, OTHER THAN A CONSUMER
BORROWER, A BANK CREDIT GRANTOR MAY REQUIRE THE BORROWER TO
OBTAIN INSURANCE, FROM AN INSURER ACCEPTABLE TO THE BANK CREDIT
GRANTOR, UNDER A LIFE, HEALTH, ACCIDENT, HEALTH AND ACCIDENT OR
OTHER CREDIT OR OTHER PERMISSIBLE INSURANCE POLICY, WHETHER GROUP
OR INDIVIDUAL.
(2) IF THE BORROWER'S LOAN IS SECURED BY AN INTEREST
IN REAL OR PERSONAL PROPERTY, THE BANK CREDIT GRANTOR MAY REQUIRE
THE BORROWER TO OBTAIN INSURANCE, FROM AN INSURER ACCEPTABLE TO
THE BANK CREDIT GRANTOR, AGAINST LOSS OF OR DAMAGE TO THE
PROPERTY, OR AGAINST ANY LIABILITY ARISING OUT OF THE OWNERSHIP
OR USE OF THE PROPERTY AND MAY FINANCE THE PREMIUMS FOR THE
INSURANCE.
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