880

LAWS OF MARYLAND

Ch. 255

fees are imposed on the borrower as a result of the extension.
However, the requirement of THIS subparagraph [(iii)] does not
apply if the loan terms require payment in full within 12 months
or less, except that a borrower may postpone payment of the
balloon payment once for a period not to exceed 6 months and if,
during the extension period, the borrower continues to make
payments in the amount required prior to maturity, the lender may
not impose any charges or fees as a result of the extension
period.

12-407.1.

(b)  The form shall state that the forfeiture of rights
includes:

(1)  The borrower's right to pay a loan origination
fee not exceeding the greater of $250 or 2 percent of the loan;
[and]

(2)  The borrower's right not to pay any other
commission, finder's fees, or points for obtaining, procuring, or
placing a loan[.]; AND

(3)  The borrower's right not to pay an interest rate
greater than 24 percent.

(d) Compliance with the provisions of this section does not
relieve the lender or mortgage broker from the provisions of §
12-401(i)(3) of [the Commercial Law Article] THIS TITLE.

12-511.

(c)   If, on receipt of a billing statement from a holder, a
buyer believes the billing is in error, he may inquire as to the
computation of the statement. The inquiry by the buyer shall:

(2) Be in writing and sent to the holder by mail at
the address designated on the statement pursuant to [§ 12-503(h)]
§ 12-503(1) of this subtitle; and

12-901.

[As used in this subtitle:]

(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

[(a)] (B) (1) "Credit grantor" means any individual,
corporation, business trust, estate, trust, partnership,
association, two or more persons having a joint or common
interest, or any other legal or commercial entity making a loan
or other extension of credit under this subtitle which is
incorporated, chartered, or licensed pursuant to State or federal
law, the lending operations of which are subject to supervision,
examination, and regulation by a State or federal agency or which