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Session Laws, 1987
Volume 769, Page 1926   View pdf image
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Ch. 342                                    LAWS OF MARYLAND

SHALL CONSTITUTE THE FINAL BINDING AGREEMENT BETWEEN THE PARTIES
PRIOR TO SETTLEMENT ON THE LOAN AS TO THE ITEMS COVERED BY THE
FINANCING AGREEMENT.

(B)  (1) IF ANY OF THE PROVISIONS OF THE FINANCING AGREEMENT
ARE SUBJECT TO CHANGE OR DETERMINATION AFTER ITS EXECUTION, THE
LICENSEE SHALL PROVIDE THE BORROWER WITH A COMMITMENT, EXECUTED
BY BOTH PARTIES, AT LEAST 72 HOURS BEFORE THE TIME OF SETTLEMENT
AGREED TO BY THE PARTIES, PROVIDING:

(I)  THE EFFECTIVE FIXED INTEREST RATE OR
INITIAL INTEREST RATE THAT WILL BE APPLIED TO THE LOAN; AND

(II)  A RESTATEMENT OF ALL THE REMAINING
UNCHANGED PROVISIONS OF THE FINANCING AGREEMENT.

(2) SUBSEQUENT TO EXECUTION OF THE FINANCING
AGREEMENT, THE BORROWER MAY WAIVE IN WRITING THE 7 2 HOUR ADVANCE
PRESENTATION REQUIREMENT AND ACCEPT THE COMMITMENT AT SETTLEMENT
ONLY IF COMPLIANCE WITH THE 72 HOUR REQUIREMENT IS SHOWN BY THE
LENDER TO BE INFEASIBLE.

(C)  IF A LICENSEE FAILS TO COMPLY WITH THE REQUIREMENTS OF
THIS SECTION, THE LICENSEE SHALL BE SUBJECT TO THE PENALTIES SET
FORTH IN § 12-513 OF THIS SUBTITLE;

(D) A BORROWER AGGRIEVED BY ANY VIOLATION OF THIS SECTION
SHALL BE ENTITLED TO BRING A CIVIL SUIT FOR DAMAGES, INCLUDING
REASONABLE ATTORNEY'S FEES, AGAINST THE LICENSEE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved May 14, 1987.

CHAPTER 342

(Senate Bill 358)

AN ACT concerning                     

Retail Sales Tax - Exemption for American National Red Cross

FOR the purpose of providing that, for sales tax purposes, the
American National Red Cross is a charitable organization;
and making a technical correction.

BY repealing and reenacting, with amendments,

- 1926 -

 

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Session Laws, 1987
Volume 769, Page 1926   View pdf image
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