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881
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HARRY HUGHES, Governor
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Commercial Law
12-308.
(a) (1) At the time a loan is made, the lender shall
deliver to the borrower a statement in the English language
which:
(i) Quotes §§ 12-306, 12-307, 12-312, and
12-313 of this subtitle, in their entireties; and
(ii) Complies with § 12-106(b).
(2) If there are two or more borrowers, the lender:
(i) May deliver the statement to any one of the
borrowers; and
(ii) At the request of any other borrower,
shall deliver a copy of the statement to that borrower within 10
days after the request.
(b)(1) Except as provided in paragraphs (2), [and] (3),
AND (4) of this subsection, at the time a lender receives a
payment on account of a loan, the lender shall deliver to the
person making the payment a receipt which specifies:
(i) The amount applied to principal;
(ii) The amount applied to interest and other
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charges; and
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(iii) The unpaid principal balance of the loan.
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(2) The lender may deliver an unitemized receipt at
the time of payment if he delivers the required itemized receipt
within 10 days after the payment.
(3) The lender is not required to issue a receipt if,
before the due date of each payment, he regularly delivers to the
borrower a billing statement which specifies:
(i) The previous unpaid principal balance of
the loan;
(ii) The amount and date of each payment made
during the billing period;
(iii) The amount of each of these payments
applied to interest;
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