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Ch. 509 2005 LAWS OF MARYLAND
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(5) CONTAIN THE FOLLOWING NOTICE, WHICH SHALL BE PRINTED IN AT
LEAST 14 POINT BOLDFACE TYPE, COMPLETED WITH THE NAME OF THE
FORECLOSURE CONSULTANT, AND LOCATED IN IMMEDIATE PROXIMITY TO THE
SPACE RESERVED FOR THE HOMEOWNER'S SIGNATURE:
"NOTICE REQUIRED BY MARYLAND LAW
.............. (NAME) OR ANYONE WORKING FOR HIM OR HER CANNOT TAKE ANY
MONEY FROM YOU OR ASK YOU FOR MONEY UNTIL ................ (NAME) HAS
COMPLETELY FINISHED DOING EVERYTHING ..............(NAME) SAID HE OR SHE
WOULD DO.
..............(NAME) OR ANYONE WORKING FOR HIM OR HER CANNOT ASK YOU TO
SIGN OR HAVE YOU SIGN ANY LIEN, MORTGAGE, OR DEED AS PART OF SIGNING
THIS AGREEMENT UNLESS THE TERMS OF THE TRANSFER ARE SPECIFIED IN
THIS DOCUMENT AND YOU ARE GIVEN A SEPARATE EXPLANATION OF THE
PRECISE NATURE OF THE TRANSACTION.
..............(NAME) OR ANYONE WORKING FOR HIM OR HER CANNOT GUARANTEE
YOU THAT THEY WILL BE ABLE TO REFINANCE YOUR HOME OR ARRANGE FOR
YOU TO KEEP YOUR HOME. CONTINUE MAKING MORTGAGE PAYMENTS UNTIL A
REFINANCING, IF APPLICABLE, IS APPROVED.
YOU, THE HOMEOWNER, MAY RESCIND THIS CONTRACT AT ANY TIME. IF A
TRANSFER OF THE DEED OR TITLE TO YOUR PROPERTY IS INVOLVED IN ANY
WAY, YOU MAY RESCIND THE TRANSFER ANY TIME WITHIN 10 3 DAYS AFTER
THE DATE YOU SIGN THE DEED OR OTHER DOCUMENT OF SALE OR TRANSFER
SEE THE ATTACHED NOTICE OF RESCISSION FORM FOR AN EXPLANATION OF
THIS RIGHT. AS PART OF ANY RESCISSION, YOU MUST REPAY, WITHIN 60 DAYS,
ANY MONEY SPENT ON YOUR BEHALF AS A RESULT OF THIS AGREEMENT,
ALONG WITH INTEREST CALCULATED AT THE RATE OF 8% A YEAR
THIS IS AN IMPORTANT LEGAL CONTRACT AND COULD RESULT IN THE LOSS OF
YOUR HOME. CONTACT AN ATTORNEY BEFORE SIGNING.".
(B) THE CONTRACT SHALL CONTAIN ON THE FIRST PAGE, IN AT LEAST 12
POINT TYPE SIZE:
(1) THE NAME AND ADDRESS OF THE FORECLOSURE CONSULTANT TO
WHICH THE NOTICE OF CANCELLATION IS TO BE MAILED; AND
(2) THE DATE THE HOMEOWNER SIGNED THE CONTRACT.
(C) (1) THE CONTRACT SHALL BE ACCOMPANIED BY A COMPLETED FORM IN
DUPLICATE, CAPTIONED "NOTICE OF RESCISSION".
(2) THE NOTICE OF RESCISSION SHALL:
(I) BE ON A SEPARATE SHEET OF PAPER ATTACHED TO THE
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CONTRACT;
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(II) BE EASILY DETACHABLE; AND
- 2996 -
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