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749
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HARRY HUGHES, Governor
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BORROWER, PROVIDED THAT NO REFUND OR CREDIT OF LESS THAN $5 SHALL
BE REQUIRED.
(E) IN CONNECTION WITH ANY PREPAYMENT OF ANY LOAN BY A
CONSUMER BORROWER, THE BANK CREDIT GRANTOR MAY NOT IMPOSE ANY
PREPAYMENT CHARGE.
(F) THE TERMS OF PREPAYMENT OF ANY LOAN MADE TO A BORROWER
OTHER THAN A CONSUMER BORROWER SHALL BE THOSE AGREED TO BY THE
BANK CREDIT GRANTOR AND THE BORROWER.
12-1010.
(A) A CONSUMER BORROWER MAY, WITH THE CONSENT OF THE BANK
CREDIT GRANTOR, REFINANCE THE ENTIRE OUTSTANDING AND UNPAID
AMOUNT OF A LOAN, AND THE BANK CREDIT GRANTOR MAY CHARGE AND
COLLECT A REFINANCING CHARGE IN CONNECTION WITH ANY REFINANCING
IN AN AMOUNT AGREED TO BY THE BANK CREDIT GRANTOR AND THE
BORROWER.
(B) FOR PURPOSES OF THIS SECTION, "THE ENTIRE OUTSTANDING
AND UNPAID AMOUNT OF A LOAN" IS:
(1) IF THE INTEREST AND CHARGES IN RESPECT OF THE
LOAN WERE NOT PRECOMPUTED, THE TOTAL OF THE UNPAID BALANCE AND
THE ACCRUED AND UNPAID INTEREST AND CHARGES ON THE DATE OF
REFINANCING; OR
(2) IF THE INTEREST AND CHARGES ON THE LOAN WERE
PRECOMPUTED, THE TOTAL OF THE UNPAID BALANCE AND THE ACCRUED AND
UNPAID CHARGES ON THE DATE OF REFINANCING, LESS THE AMOUNT WHICH
THE BANK CREDIT GRANTOR WOULD HAVE BEEN REQUIRED TO REFUND OR
CREDIT UPON PREPAYMENT ON THE DATE OF REFINANCING UNDER SECTION
12-1009 OF THIS SUBTITLE GOVERNING REFUNDS UPON PREPAYMENT.
12-1011.
(A) IF A CONSUMER BORROWER DEFAULTS UNDER THE TERMS OF A
LOAN AND THE BANK CREDIT GRANTOR REFERS THE BORROWER'S ACCOUNT
TO AN ATTORNEY WHO IS NOT A SALARIED EMPLOYEE OF THE BANK CREDIT
GRANTOR FOR COLLECTION, THE BANK CREDIT GRANTOR MAY, IF THE
AGREEMENT, NOTE, OR OTHER EVIDENCE OF THE LOAN PERMITS, CHARGE
AND COLLECT FROM THE BORROWER A REASONABLE ATTORNEY'S FEE.
(B) IF THE AGREEMENT, NOTE, OR OTHER EVIDENCE OF THE LOAN
PERMITS, THE BANK CREDIT GRANTOR MAY RECOVER FROM THE BORROWER
ALL COURT AND OTHER COLLECTION COSTS ACTUALLY INCURRED BY THE
BANK CREDIT GRANTOR RELATING TO THE BORROWER'S DEFAULT.
12-1012.
THIS SUBTITLE DOES NOT PROHIBIT A BANK CREDIT GRANTOR, IN
CONNECTION WITH A LOAN TO A NONCONSUMER BORROWER, FROM:
(1) EXTENDING OR DEFERRING ALL OR ANY PORTION OF ANY
SCHEDULED PAYMENT UNDER THE LOAN;
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