Ch. 693                                               LAWS OF MARYLAND

MARYLAND LAW, LIMIT BUT DO NOT COMPLETELY ELIMINATE, A

LANDOWNER'S LIABILITY.

Signed..............................

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 27, 1988.

CHAPTER 693

(House Bill 847)

AN ACT concerning

Commercial Law - Mortgages - Required Insurance

FOR the purpose of prohibiting certain lenders or credit grantors
from requiring a borrower, under as a condition to receiving
or maintaining a loan secured by certain mortgages or deeds
of trust, to provide or purchase property insurance in
excess of the replacement value of the improvement on the
real property insured; providing for the determination of
the replacement value; defining a certain term; providing
for certain penalties; providing that a violation shall not
affect the validity of the mortgage or deed of trust
securing the loan; providing that certain lenders may not
require certain borrowers to purchase property insurance
from certain agents, brokers, or insurance companies; making
stylistic changes; and generally relating to the purchase of
property insurance covering real estate securing certain
loans.

BY adding to

Article - Commercial Law

Section 12-123

Annotated Code of Maryland

(1983 Replacement Volume and 1987 Supplement)

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 12-312, 12-410, 12-909, and 12-1007

Annotated Code of Maryland

(1983 Replacement Volume and 1987 Supplement)

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