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Ch. 509
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2005 LAWS OF MARYLAND
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7-307.
A FORECLOSURE CONSULTANT MAY NOT:
(1) CLAIM, DEMAND, CHARGE, COLLECT, OR RECEIVE ANY
COMPENSATION UNTIL AFTER THE FORECLOSURE CONSULTANT HAS FULLY
PERFORMED EACH AND EVERY SERVICE THE FORECLOSURE CONSULTANT
CONTRACTED TO PERFORM OR REPRESENTED THAT THE FORECLOSURE
CONSULTANT WOULD PERFORM;
(2) CLAIM, DEMAND, CHARGE, COLLECT, OR RECEIVE ANY FEE,
INTEREST; OR ANY OTHER COMPENSATION FOR ANY REASON THAT EXCEEDS 8% A
YEAR OF THE AMOUNT OF ANY LOAN THAT THE FORECLOSURE CONSULTANT MAKES
TO THE HOMEOWNER THAT EXCEEDS 8% A YEAR;
(3) TAKE ANY WAGE ASSIGNMENT, ANY LIEN OF ANY TYPE ON REAL OR
PERSONAL PROPERTY, OR OTHER SECURITY TO SECURE THE PAYMENT OF
COMPENSATION;
(4) RECEIVE ANY CONSIDERATION FROM ANY THIRD PARTY IN
CONNECTION WITH FORECLOSURE CONSULTING SERVICES PROVIDED TO A
HOMEOWNER UNLESS THE CONSIDERATION IS FIRST FULLY DISCLOSED IN WRITING
TO THE HOMEOWNER;
(5) ACQUIRE ANY INTEREST, DIRECTLY OR INDIRECTLY, OR BY MEANS
OF A SUBSIDIARY, AFFILIATE, OR CORPORATION IN WHICH THE FORECLOSURE
CONSULTANT OR A MEMBER OF THE FORECLOSURE CONSULTANT'S IMMEDIATE
FAMILY IS A PRIMARY STOCKHOLDER, IN A RESIDENCE IN FORECLOSURE FROM A
HOMEOWNER WITH WHOM THE FORECLOSURE CONSULTANT HAS CONTRACTED;
(6) TAKE ANY POWER OF ATTORNEY FROM A HOMEOWNER FOR ANY
PURPOSE, EXCEPT TO INSPECT DOCUMENTS AS PROVIDED BY LAW; OR
(7) INDUCE OR ATTEMPT TO INDUCE ANY HOMEOWNER TO ENTER INTO
A FORECLOSURE CONSULTING CONTRACT THAT DOES NOT COMPLY IN ALL
RESPECTS WITH THIS SUBTITLE.
7-308. RESERVED.
7-309. RESERVED.
PART III. FORECLOSURE PURCHASERS.
7-310.
(A) IF A FORECLOSURE RECONVEYANCE IS INCLUDED IN A FORECLOSURE
CONSULTING CONTRACT OR ARRANGED AFTER THE EXECUTION OF A FORECLOSURE
CONSULTING CONTRACT, THE FORECLOSURE PURCHASER SHALL PROVIDE THE
HOMEOWNER WITH A DOCUMENT ENTITLED "NOTICE OF TRANSFER OF DEED OR
TITLE".
(B) THE DOCUMENT ENTITLED "NOTICE OF TRANSFER OF DEED OR TITLE"
SHALL:
- 2998 -
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