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09.03.10.00.htm 47:19 20-152-E (REG .05) EMERGENCY ACTION IN EFFECT 10/1/2020―3/1/2021. 09.03.10.00. Title 09 MARYLAND DEPARTMENT OF LABOR Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 10 Credit and Other Regulation Authority: Business Regulation Article, §2-105; Financial Institutions Article, §2-105.1, 5-909(1) 11-203, 11-503, 11-602, 12-104, 12-403(1) and 12-903(1) Annotated Code of Maryland
09.03.10.01.htm 09.03.10.01. 01 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) Balloon Payment.. a) "Balloon payment" means any scheduled payment on a mortgage loan that is more than two times the average of all other payments scheduled to repay the mortgage loan.b) "Balloon payment" does not include a down payment.. 2) "Commissioner" means the Commissioner of Financial Regulation in the Maryland Department of Labor.3) "Fraud" means any act that:.
09.03.10.02.htm 09.03.10.02. 02 Reporting Fraud, Other Violations of Law, and Convictions.. A. Duty to Report.. 1) Except as provided in §E of this regulation, a regulated person shall submit a report to the Commissioner within 30 business days after the person discovers that an act, or has reason to believe that an act, of fraud, theft, or forgery has been committed by a regulated person, including the person, or any owner, director, officer, member, partner, employee, or agent of a regulated person.
09.03.10.03.htm 09.03.10.03. 03 Disclosures for Certain Mortgage Loans.. A. Mortgage Loan Provisions Requiring Disclosure. A regulated person that offers to make or procure a mortgage loan secured by residential real estate shall provide to the borrower the disclosures set forth in §B of this regulation if the terms of the mortgage loan:1) Include a balloon payment;. 2) Do not provide for the establishment of an escrow account for the payment of taxes and insurance; or3) Include mandatory binding arbitration..
09.03.10.04.htm 09.03.10.04. 04 Consumer Loans.. The term loan account in Financial Institutions Article, §11-219, Annotated Code of Maryland:. A. Means any loan or advance of money or credit subject to Commercial Law Article, Title 12, Subtitle 3, Annotated Code of Maryland, the Maryland Consumer Loan Law ― Credit Provisions, regardless of whether the loan or advance of money or credit is or purports to be made under Commercial Law Article, Title 12, Subtitle 3, Annotated Code of Maryland; and
09.03.10.05.htm 47:20 20-152-E (REG .05) EMERGENCY ACTION IN EFFECT 10/01/2020―3/01/2021. 09.03.10.05. 05 Mobile Home Retail Sales Financing Information Disclosure Statement.. The written statement required in Commercial Law Article, §14–4202(b)3) Annotated Code of Maryland, shall be in a form substantially similar to the following:Click here to view pdf form.
09.03.10.9999.htm 47:19 20-152-E (REG .05) EMERGENCY ACTION IN EFFECT 10/1/2020―3/1/2021. 09.03.10.9999. Administrative History Effective date: November 3, 2008 (35:22 Md. R. 1957). Regulation .01B amended effective March 15, 2010 (37:5 Md. R. 427). Regulation .03A, B amended effective March 15, 2010 (37:5 Md. R. 427). Regulation .04 adopted effective July 16, 2020 (47:14 Md. R. 675). Regulation .05 adopted as an emergency provision effective October 5, 2020 (47:20 Md. R. 872).
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