Ch. 313            LAWS OF MARYLAND

BY adding to                               

Article - Commercial Law

Section 13-316

Annotated Code of Maryland

(1983 Replacement Volume and 1986 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article — Commercial Law

13-316.

(A) (1) IN THIS SECTION, THE FOLLOWING TERMS HAVE THE
MEANINGS INDICATED.

(2) "ASSIGNEE" MEANS ANY HOLDER WHO HAS ACQUIRED A
MORTGAGE FROM ANOTHER HOLDER, WHETHER BY PURCHASE, DISCOUNT,
PLEDGE, LOAN, OR OTHERWISE.

(3) "HOLDER" MEANS ANY PERSON WHO HOLDS A MORTGAGE.

(4) (2) "MORTGAGE" INCLUDES A MORTGAGE, DEED. OF
TRUST, SECURITY AGREEMENT, OR OTHER LIEN ON 1 TO 4 FAMILY
RESIDENTIAL REAL PROPERTY ESTATE LOCATED IN THIS STATE.

(3) "SERVICER" MEANS A PERSON RESPONSIBLE FOR
COLLECTION AND PAYMENT OF PRINCIPAL, INTEREST, ESCROW, AND OTHER
MONEYS UNDER AN ORIGINAL MORTGAGE.

(B)(1) THE NOTICE REQUIRED UNDER THIS SUBSECTION MUST BE
MADE IN WRITING BY THE HOLDER ON THE MAKING OF A MORTGAGE OR BY
AN ASSIGNEE WITHIN 3 DAYS OF ACQUIRING A MORTGAGE.

(2) THE WRITTEN NOTICE TO THE MORTGAGOR SHALL CONTAIN
THE FOLLOWING:

(B) WITHIN 7 DAYS OF ACQUIRING MORTGAGE SERVICING, A
SERVICER SHALL SEND TO THE MORTGAGOR A WRITTEN NOTICE CONTAINING
THE FOLLOWING INFORMATION REGARDING THE MORTGAGE ON THE DATE OF
TRANSFER:

(I) (1) THE ASSIGNEE'S ADDRESS NAME, ADDRESS,
AND TELEPHONE NUMBER OF THE NEW SERVICER AND THE ADDRESS WHERE
MORTGAGE PAYMENTS, ARE TO BE FORWARDED;

(II)(2) THE STATUS OF THE MORTGAGE AND ANY
RELATED ESCROW ACCOUNT AS OF THE DATE OF ACQUISITION BY THE
ASSIGNEE PRINCIPAL BALANCE AND ESCROW BALANCE;

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