WILLIAM DONALD SCHAEFER, Governor Ch. 693

(4)  The involuntary unemployment benefit insurance
may not provide that:

(i) The periodic benefits shall continue for a
period exceeding the actual period of the borrower's involuntary
unemployment; or

(ii) The aggregate amount of periodic benefits
payable in the event of a borrower's involuntary loss of
employment shall exceed the scheduled unpaid total of payments
remaining on the loan on the date of the borrower's involuntary
loss of employment.

(5)  A lender may not require a borrower to purchase
involuntary unemployment benefit insurance as a condition of
obtaining a loan.

[(d)] (E) Under this subtitle, insurance may be obtained
only:

(1)  From an insurance company qualified to do
business in the State; and

(2)  At rates not exceeding those approved by the
insurance division of the department of licensing and regulation.

[(e)] (F) A lender may not require the borrower to purchase
any insurance [from him]:

(1)  THROUGH A PARTICULAR BROKER, AGENT, OR INSURANCE
COMPANY; OR

(2)  FROM THE LENDER.
12-909.

(a)  In connection with a plan established for a consumer
borrower:

(1)  The purchase of credit life, credit accident and
health, credit disability, involuntary unemployment benefit, and
similar coverages is optional with the consumer borrower; and

(2)  The purchase of property insurance, title
insurance, and credit loss insurance from an insurer of the
borrower's choice may be required if the loan is secured.

(b)  The provisions of this section do not alter or modify
rights, privileges, or restrictions heretofore existing between
the credit grantor and a borrower other than a consumer borrower.

(c)  Premiums for any insurance coverage permitted by this
section are not interest or finance charges under the plan.

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