WILLIAM DONALD SCHAEFER, Governor

Ch. 405

(IV) ATTENDANCE AT SETTLEMENT BY THE CREDIT GRANTOR'S
ATTORNEY.

(D) (1) ANY CREDIT GRANTOR THAT IMPOSES FEES ON A CONSUMER
BORROWER FOR SETTLEMENT SERVICES, OR DOCUMENT REVIEW SERVICES,
PERFORMED BY AN ATTORNEY DESIGNATED BY THE CREDIT GRANTOR, OR WHO
CONDITIONS SETTLEMENT ON THE EMPLOYMENT OF A PARTICULAR ATTORNEY OR
TITLE INSURANCE COMPANY, SHALL PROVIDE A PROSPECTIVE CONSUMER
BORROWER WITH A WRITTEN NOTICE STATING:

(I)       THE CREDIT GRANTOR'S REQUIREMENTS CONCERNING
SELECTION OF AN ATTORNEY, TITLE INSURANCE COMPANY, OR OTHER PERSON TO
PERFORM SETTLEMENT SERVICES RELATING TO THE PURCHASE OF THE
RESIDENTIAL REAL PROPERTY;

(II)     THE CONSUMER BORROWER'S ABILITY TO CHOOSE AN
ATTORNEY OR TITLE INSURANCE COMPANY UNDER SUBSECTION (C) OF THIS
SECTION; AND

(III)    A GOOD FAITH ESTIMATE OF THE FEE OR FEES TO BE
CHARGED TO THE BORROWER.

(2) (I) THE NOTICE REQUIRED UNDER THIS SUBSECTION SHALL BE
PROVIDED AT THE TIME OF OR WITHIN 3 BUSINESS DAYS AFTER THE APPLICATION
FOR A LOAN, OR EARLIER UPON REQUEST.

(II) A COPY OF THE NOTICE, SIGNED BY THE APPLICANT, SHALL
ACCOMPANY ANY EXECUTED APPLICATION FOR A LOAN.

SECTION 3. AND BE IT FURTHER ENACTED, That Section 1 of this Act shall
take effect June 1, 1993 and shall apply to all extensions of credit made under Subtitle 9
or Subtitle 10 of Title 12 of the Commercial Law Article of the Annotated Code of
Maryland from July 1, 1983 through September 30, 1993.

SECTION 4. AND BE IT FURTHER ENACTED, That Section 2 of this Act shall
take effect October 1, 1993.

Approved May 27, 1993.

CHAPTER 405
(Senate Bill 335)

AN ACT concerning

Insurance - Regulation

FOR the purpose of altering the requirement for authorizing the Insurance
Commissioner to retain certain persons for conducting certain examinations and
providing for the expense of the examinations; requiring approval of the Insurance
Commissioner before certain purchases, mergers, or other acquisitions of a

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