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Ch. 218
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882
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LAWS OF MARYLAND
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(iv) The amount of each of these payments
applied to principal;
(v) The current unpaid principal balance; and
(vi) The amount and due date of the next
maturing installment.
(4) THE LENDER IS NOT REQUIRED TO ISSUE A RECEIPT IF
THE LENDER ISSUES TO THE BORROWER A PAYMENT BOOK OR COUPON BOOK
AND PAYMENT IS MADE BY CHECK OR MONEY ORDER.
(c) (1) A lender shall permit a borrower to prepay a loan
in full or in part at any time, without penalty.
(2) Each partial prepayment shall be applied:
(i) First, to any interest accrued on the
unpaid principal balance to the date of the payment; and
(ii) Then, to the unpaid principal balance.
(d) After full repayment of a loan, the lender shall:
(1) Indelibly mark with the word "paid" or
"cancelled" and return each note, contract, or other evidence of
obligation of the borrower in the possession of the lender;
(2) Release any mortgage, security agreement, or
other form of security instrument which no longer secures any
indebtedness to the lender; and
(3) Restore any pledge or certificate of title.
(e) At the request of the borrower, the lender shall
furnish the borrower with a written statement of the account.
However, the lender is not required to do so more than once in
any 30-day 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 219
(House Bill 500)
AN ACT concerning
Patient Abuse in Related Institutions
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