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Ch. 532
OR
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2002 LAWS OF MARYLAND
(II) CREDIT INVOLUNTARY UNEMPLOYMENT BENEFIT INSURANCE;
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(III) CREDIT LIFE INSURANCE.
(2) NOTHING IN THIS SUBSECTION SHALL PROHIBIT THE FINANCING OF
ANY INSURANCE COVERAGE IN CONNECTION WITH A MOBILE HOME OR ITS
PREMISES, AS THOSE TERMS ARE DEFINED IN § 8A-101 OF THE REAL PROPERTY
ARTICLE.
(C) (1) IN THIS SUBSECTION, "LOAN APPLICATION" HAS THE MEANING
STATED IN § 12-125 OF THIS SUBTITLE.
(2) AT THE TIME A BORROWER COMPLETES A LOAN APPLICATION FOR A
COVERED LOAN, THE LENDER SHALL PROVIDE THE BORROWER WITH:
(I) A WRITTEN RECOMMENDATION THAT THE BORROWER SEEK
HOME BUYER EDUCATION OR HOUSING COUNSELING; AND
(II) A LIST OF AGENCIES AND ORGANIZATIONS APPROVED BY THE
COUNTY IN WHICH THE RESIDENTIAL REAL PROPERTY SECURING THE COVERED
LOAN IS LOCATED TO PROVIDE HOME BUYER EDUCATION OR HOUSING
COUNSELING.
12-127.
(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(2) "COVERED LOAN" MEANS A MORTGAGE LOAN MADE UNDER THIS
SUBTITLE THAT MEETS THE CRITERIA DESCRIBED FOR A LOAN SUBJECT TO THE
FEDERAL HOME OWNERSHIP EQUITY PROTECTION ACT SET FORTH IN 15 U.S.C. §
1602(AA), AS MODIFIED FROM TIME TO TIME BY REGULATION Z, 12 C.F.R. PART 226,
EXCEPT THAT THE COMPARISON PERCENTAGES FOR THE MORTGAGE LOAN SHALL
BE ONE PERCENTAGE POINTLESS THAN THOSE SPECIFIED IN 15 U.S.C. § 1602(AA), AS
MODIFIED FROM TIME TO TIME BY REGULATION Z, 12 C.F.R. PART 226.
(3) "MORTGAGE LOAN" HAS THE MEANING STATED IN § 11-501 OF THE
FINANCIAL INSTITUTIONS ARTICLE.
(4) "RESIDENTIAL REAL PROPERTY" MEANS OWNER-OCCUPIED REAL
PROPERTY HAVING A DWELLING ON IT DESIGNED PRINCIPALLY AS A RESIDENCE
WITH ACCOMMODATIONS FOR NOT MORE THAN FOUR FAMILIES.
(B) (1) A LENDER MAY NOT MAKE A COVERED LOAN WITHOUT GIVING DUE
REGARD TO THE BORROWER'S ABILITY TO REPAY THE LOAN IN ACCORDANCE WITH
ITS TERMS.
(2) A BORROWER IS PRESUMED TO BE ABLE TO REPAY A LOAN IF AT THE
TIME THE LOAN IS MADE THE BORROWER'S TOTAL SCHEDULED MONTHLY PAYMENT
OBLIGATIONS, INCLUDING THE REQUIRED LOAN PAYMENT, DO NOT EXCEED 40 45
PERCENT OF THE BORROWER'S MONTHLY GROSS INCOME.
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- 4004 -
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