S.B. 329

VETOES

(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 72 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)      (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.

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