WILLIAM DONALD SCHAEFER, Governor                            Ch. 404

(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)      (1) 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.

(2)      THE PENALTIES SET OUT UNDER § 12-1018 OF THIS SUBTITLE DO NOT
APPLY TO ANY VIOLATION OF THIS SECTION.

(F)      THIS SECTION MAY NOT BE CONSTRUED TO EXEMPT A LENDER FROM
THE PROVISIONS OF §§ 12-1027 AND 12-1028 OF THIS SUBTITLE.

12-1023.

(A) THIS SECTION APPLIES ONLY TO A LOAN MADE BY A CREDIT GRANTOR
UNDER THIS SUBTITLE TO A CONSUMER BORROWER.

(B) (1) AS A CONDITION TO RECEIVING A LOAN, A CREDIT GRANTOR MAY
NOT REQUIRE A BORROWER TO MAKE ANY FALSE OR MISLEADING STATEMENT OR
CHARACTERIZATION THAT THE LOAN IS A COMMERCIAL LOAN OR FOR A
COMMERCIAL PURPOSE IF THE LOAN IS NOT A COMMERCIAL LOAN OR FOR A
COMMERCIAL PURPOSE.

(2)      THIS SUBSECTION MAY NOT AFFECT THE REBUTTABLE

PRESUMPTION THAT THE LOAN WAS A COMMERCIAL LOAN OR MADE FOR
COMMERCIAL PURPOSES.

(C) (B) (1) PARAGRAPH (2) OF THIS SUBSECTION APPLIES ONLY TO A
LOAN OR AN EXTENSION OF CREDIT PRIMARILY FOR PERSONAL, HOUSEHOLD, OR
FAMILY PURPOSES.

(2) AN AGREEMENT, NOTE, OR OTHER EVIDENCE OF A LOAN MAY NOT
CONTAIN:

(I) AN ASSIGNMENT OR ORDER FOR THE PAYMENT OF WAGES,
WHETHER EARNED OR TO BE EARNED, OR OF ANY CHOSE IN ACTION COVERING
LOST WAGES;

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