WILLIAM DONALD SCHAEFER, Governor Ch. 476

(2)  THE FINANCING AGREEMENT SHALL PROVIDE:

(I)  THE TERM AND PRINCIPAL AMOUNT OF THE LOAN;

(II)  AN EXPLANATION OF THE TYPE OF MORTGAGE
LOAN BEING OFFERED;

(III)  THE RATE OF INTEREST THAT WILL APPLY TO
THE LOAN AND, IF THE RATE IS SUBJECT TO CHANGE OR IS A VARIABLE
RATE OR IS SUBJECT TO FINAL DETERMINATION AT A FUTURE DATE BASED
ON SOME OBJECTIVE STANDARD, A SPECIFIC STATEMENT OF THOSE FACTS;

(IV)  THE POINTS, IF ANY, TO BE PAID BY THE
BORROWER OR THE SELLER, OR BOTH; AND

(V)  THE TERM DURING WHICH THE FINANCING
AGREEMENT REMAINS IN EFFECT.

(3)  IF ALL THE PROVISIONS OF THE FINANCING AGREEMENT
ARE NOT SUBJECT TO FUTURE DETERMINATION, CHANGE, OR ALTERATION
DURING ITS TERM, THE FINANCING AGREEMENT SHALL CONSTITUTE THE
FINAL BINDING AGREEMENT BETWEEN THE PARTIES AS TO THE ITEMS
COVERED BY THE FINANCING AGREEMENT.

(C)  (1) IF ANY OF THE PROVISIONS OF THE FINANCING AGREEMENT
ARE SUBJECT TO CHANGE OR DETERMINATION AFTER ITS EXECUTION, THE
LENDER SHALL PROVIDE THE BORROWER WITH A COMMITMENT, EXECUTED BY
THE LENDER, AT LEAST 7 2 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 72-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.

(D)  IF A LENDER FAILS TO COMPLY WITH THE REQUIREMENTS OF
THIS SECTION, THE LENDER SHALL BE SUBJECT TO THE PENALTIES SET
FORTH IN § 11-523 OF THE FINANCIAL INSTITUTIONS ARTICLE.

(E)  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 LENDER.

(F)  THIS SECTION MAY NOT BE CONSTRUED TO EXEMPT A LENDER
FROM THE PROVISIONS OF §§ 12-119 THROUGH 12-122 OF THIS SUBTITLE.

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