S.B. 329

VETOES

(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.

(B)     AT THE OPTION OF THE CREDIT GRANTOR, EACH WRITTEN STATEMENT
SHALL CONTAIN THE INFORMATION REQUIRED IN SUBSECTION (A)(1)(I) AND (2)(I)
AND (II) OF THIS SECTION EITHER FROM THE DATE THE LOAN WAS MADE OR, IF
PREVIOUS WRITTEN STATEMENTS HAVE BEEN FURNISHED TO THE CONSUMER
BORROWER, FROM THE DATE OF THE LAST WRITTEN STATEMENT.

(C)     THE WRITTEN STATEMENT SHALL BE FURNISHED TO THE CONSUMER
BORROWER:                                                                                                         

(1)      IN THE CASE OF LOANS SECURED BY ANY INTEREST IN
RESIDENTIAL REAL PROPERTY, AT LEAST ANNUALLY; AND

(2)      IN THE CASE OF LOANS SECURED BY ANY INTEREST IN
RESIDENTIAL REAL PROPERTY OR TANGIBLE PERSONAL PROPERTY, WITHIN A
REASONABLE TIME AFTER RECEIPT OF A WRITTEN REQUEST OF A CONSUMER
BORROWER PROVIDED THE REQUEST IS MADE AT. A REASONABLE TIME OR
INTERVAL SINCE THE FURNISHING OF THE LAST WRITTEN STATEMENT.

(D)     A CREDIT GRANTOR MAY CHARGE A FEE OF UP TO $5 FOR EACH
WRITTEN STATEMENT REQUESTED BY A CONSUMER BORROWER.           

12-1026.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.                                                                                              

(2)      "LENDING INSTITUTION" MEANS A BANK, SAVINGS BANK, OR
SAVINGS AND LOAN ASSOCIATION DOING BUSINESS IN MARYLAND.

(3)      "ESCROW ACCOUNT" MEANS AN EXPENSE OR ESCROW ACCOUNT
WHICH TENDS TO PROTECT THE SECURITY OF A LOAN BY THE ACCUMULATION OF
FUNDS FOR THE PAYMENT OF TAXES, INSURANCE PREMIUMS, OR OTHER EXPENSES.

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