Ch. 404                                         1993 LAWS OF MARYLAND

(2) PREPARED AT THE EXPENSE OF THE CREDIT GRANTOR.

(D)     (1) IF THE CREDIT GRANTOR DOES NOT RECORD THE RELEASE, THE
CREDIT GRANTOR SHALL FURNISH THE CONSUMER BORROWER WITH THE RELEASE
IN A RECORDABLE FORM.

(2) IF THE CREDIT GRANTOR RECORDS THE RELEASE, THE CREDIT
GRANTOR SHALL FURNISH THE CONSUMER BORROWER WITH A COPY OF THE
RELEASE.

(E)      (1) IF A FEE IS COLLECTED BY A CREDIT GRANTOR FOR THE
RECORDING OF A RELEASE:

(I)       THE RELEASE SHALL BE RECORDED BY THE CREDIT
GRANTOR; AND

(II)     ANY PORTION OF THE FEE NOT PAID TO A GOVERNMENTAL
ENTITY FOR RECORDING THE RELEASE SHALL BE REFUNDED TO THE BORROWER.

(2) IF A FEE IS NOT COLLECTED BY A CREDIT GRANTOR FOR THE
RECORDING OF A RELEASE, THE CREDIT GRANTOR IS NOT OBLIGATED TO RECORD
THE RELEASE.

12-1025.

(A) A CREDIT GRANTOR WHO RECEIVES SCHEDULED MONTHLY PERIODIC
PAYMENTS ON MORE THAN FIVE LOANS SECURED BY ANY INTEREST IN
RESIDENTIAL REAL PROPERTY OR TANGIBLE PERSONAL PROPERTY SHALL FURNISH
TO THE CONSUMER BORROWER A WRITTEN STATEMENT INFORMING THE
CONSUMER BORROWER OF THE AMOUNT OF:

(1)       IF THE INTEREST AND CHARGES ON THE LOAN WERE
PRECOMPUTED:

(I)       PAYMENTS CREDITED TO REDUCING THE OUTSTANDING
UNPAID BALANCE OF THE LOAN, EITHER IN TERMS OF A TOTAL DOLLAR FIGURE OR
INDIVIDUALLY ITEMIZED; AND

(II)     THE REMAINING OUTSTANDING. UNPAID BALANCE OF THE
LOAN; OR

(2)       IF THE INTEREST AND CHARGES ON THE LOAN WERE NOT
PRECOMPUTED:

(I)       PAYMENTS CREDITED TO REDUCING THE. OUTSTANDING
UNPAID PRINCIPAL BALANCE OF THE LOAN, EITHER IN TERMS OF A TOTAL DOLLAR
FIGURE OR INDIVIDUALLY ITEMIZED;

(II)     PAYMENTS CREDITED TO INTEREST AND FEES, EITHER IN
TERMS OF A TOTAL DOLLAR FIGURE OR INDIVIDUALLY ITEMIZED; AND

(III)    THE REMAINING OUTSTANDING UNPAID PRINCIPAL BALANCE
OF THE LOAN.

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