|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROBERT L. EHRLICH, JR., Governor
|
|
|
|
|
|
Ch. 509
|
|
|
|
|
|
|
|
|
|
|
|
|
(F) ANY PROVISION IN A CONTRACT THAT ATTEMPTS OR PURPORTS TO WAIVE
ANY OF THE RIGHTS SPECIFIED IN THIS TITLE, CONSENT TO JURISDICTION OR
CHOICE OF LAW IN A STATE OTHER THAN MARYLAND, CONSENT TO VENUE IN A
COUNTY OTHER THAN THE COUNTY IN WHICH THE PROPERTY IS LOCATED, OR
IMPOSE ANY COSTS OR FILING FEES GREATER THAN THE FEES REQUIRED TO FILE
AN ACTION IN A CIRCUIT COURT, IS VOID.
7-315.
(A) IN ADDITION TO ANY OTHER RIGHT OF RESCISSION, A HOMEOWNER HAS
THE RIGHT TO RESCIND ANY CONTRACT WITH A FORECLOSURE SURPLUS
PURCHASER AT ANY TIME WITHIN 10 DAYS AFTER THE STATEMENT OF AUDIT
ACCOUNT OF THE FORECLOSURE SALE.
(B) (1) RESCISSION OCCURS WHEN THE HOMEOWNER DELIVERS, BY ANY
MEANS, WRITTEN NOTICE OF RESCISSION TO THE ADDRESS SPECIFIED IN THE
CONTRACT, WITH A COPY TO THE AUDITOR. AS PART OF THE RESCISSION, THE
HOMEOWNER SHALL REPAY ANY CONSIDERATION RECEIVED DIRECTLY OR
INDIRECTLY, TOGETHER WITH INTEREST CALCULATED AT THE RATE OF 8% A YEAR.
(2) ON RECEIPT OF THE NOTICE OF RESCISSION, THE AUDITOR SHALL
RESTATE THE ACCOUNT. THE REPAYMENT OF CONSIDERATION AND INTEREST BY
THE HOMEOWNER SHALL BE INCORPORATED BY THE AUDITOR INTO THE REVISED
STATEMENT OF ACCOUNT FILED WITH THE COURT.
(3) UPON RATIFICATION OF THE AMENDED AUDIT, THE ATTORNEY
NAMED IN THE MORTGAGE, MORTGAGE ASSIGNEE FOR PURPOSES OF FORECLOSURE,
TRUSTEE, OR SUBSTITUTE TRUSTEE IN MAKING DISTRIBUTION OF THE SURPLUS
FUNDS SHALL COMPLY WITH THE REVISED COURT-APPROVED AUDIT.
(C) A NOTICE OF RESCISSION GIVEN BY A HOMEOWNER NEED NOT BE IN THE
FORM PROVIDED WITH THE CONTRACT AND IS EFFECTIVE, HOWEVER EXPRESSED, IF
IT INDICATES THE INTENTION OF THE HOMEOWNER TO RESCIND THE CONTRACT.
(D) THE RIGHT TO RESCIND MAY NOT BE CONDITIONED ON THE REPAYMENT
OF ANY FUNDS.
(E) WITHIN 10 DAYS AFTER RECEIPT OF A NOTICE OF RESCISSION GIVEN IN
ACCORDANCE WITH THIS SECTION, THE FORECLOSURE SURPLUS PURCHASER SHALL
RETURN, WITHOUT CONDITION, THE ORIGINAL CONTRACT AND ALL OTHER
DOCUMENTS SIGNED BY THE HOMEOWNER.
7-316. RESERVED.
7-317. RESERVED.
PART V. PROHIBITED ACTS; ENFORCEMENT AND PENALTIES.
7-318.
(A) A PERSON MAY NOT INDUCE OR ATTEMPT TO INDUCE A HOMEOWNER TO
WAIVE THE HOMEOWNER'S RIGHTS UNDER THIS SUBTITLE.
- 3007 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
