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Session Laws, 2002
Volume 800, Page 4009   View pdf image
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PARRIS N. GLENDENING, Governor
Ch. 532
(5) (I) EXCEPT AS PROVIDED IN THIS PARAGRAPH. A PERSON MAKING
A COVERED LOAN MAY NOT FINANCE AS A PART OF THE COVERED LOAN
TRANSACTION SINGLE PREMIUM COVERAGE FOR: 1. CREDIT HEALTH INSURANCE: 2. CREDIT INVOLUNTARY UNEMPLOYMENT BENEFIT INSURANCE; OR 3. CREDIT LIFE INSURANCE. (II) NOTHING IN THIS PARAGRAPH SHALL PROHIBIT THE
FINANCING OF ANY INSURANCE COVERAGE IN CONNECTION WITH A MOBILE HOME
OR ITS PREMISES, AS THOSE TERMS ARE DEFINED IN § 8A-1Q1 OF THE REAL
PROPERTY ARTICLE. [(d)](E) (1) In this subsection, "property insurance coverage" means
property insurance against losses caused by perils that commonly are covered in
insurance policies described with terms similar to "standard fire" or "standard fire
with extended coverage". (2) (i) A lender may not require a borrower, as a condition to receiving
or maintaining a loan secured by a first mortgage or first deed of trust, to provide or
purchase property insurance coverage against risks to any improvements on any real
property in an amount exceeding the replacement value of improvements on the real
property. (ii) In determining the replacement value of the improvements on
any real property, the lender may: 1. Accept the value placed on the improvements by the insurer; or 2. Use the value placed on the improvements that is
determined by the lender's appraisal of the real property. (3) A violation of this subsection or of subsection [(b)] (C)(1) of this
section shall entitle the borrower to: (i) Seek an injunction to prohibit the lender who has engaged or is
engaging in the violation from continuing or engaging in the violation; (ii) Reasonable attorney's fees; and (iii) Damages directly resulting from the violation. (4) A violation of this subsection or of subsection [(b)] (C)(1) of this
section does not affect the validity of the first mortgage or first deed of trust securing
the loan. [(e)] (F) Under this subtitle, insurance may be obtained only: (1) From an insurance company qualified to do business in the State; and
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Session Laws, 2002
Volume 800, Page 4009   View pdf image
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