|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
|
|
|
|
Ch. 532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
12-410.
(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 POINT LESS 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) "CREDIT HEALTH INSURANCE" HAS THE MEANING STATED IN
$ 13-101 OF THE INSURANCE ARTICLE.
(4) "CREDIT INVOLUNTARY UNEMPLOYMENT BENEFIT INSURANCE" HAS
THE MEANING STATED IN § 13-101 OF THE INSURANCE ARTICLE.
(5) (I) "CREDIT LIFE INSURANCE" MEANS INSURANCE ON THE LIFE OF
A BORROWER THAT PROVIDES INDEMNITY FOR REPAYMENT OF A SPECIFIC LOAN OR
CREDIT TRANSACTION ON THE DEATH OF THE BORROWER; AND
(II) "CREDIT LIFE INSURANCE" DOES NOT INCLUDE LIFE
INSURANCE PAYABLE TO A BENEFICIARY DESIGNATED BY THE BORROWER OTHER
THAN THE OBLIGEE OF A SPECIFIC LOAN OR CREDIT TRANSACTION.
(6) "MORTGAGE LOAN" HAS THE MEANING STATED IN § 11-501 OF THE
FINANCIAL INSTITUTIONS ARTICLE.
(7) "PREMIUM" HAS THE MEANING STATED IN § 1-101 OF THE
INSURANCE ARTICLE.
(8) "SINGLE PREMIUM COVERAGE" MEANS INSURANCE FOR WHICH THE
TOTAL PREMIUM IS PAYABLE IN ONE LUMP SUM AT OR BEFORE THE TIME COVERAGE
COMMENCES.
(B) Subject to the provisions of this section, a lender may require a borrower to
insure and may collect from [him] THE BORROWER the premiums paid for insurance
on:
(1) Any real property securing the loan;
(2) The life of any person obligated on the loan; and
(3) The title of any real property securing the loan.
|
|
|
|
|
|
|
|
|
|
- 4011 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
