Skip to main content
Find a Lawyer

Maryland Code, Commercial Law § 12-1025

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A credit grantor who receives scheduled monthly periodic payments on more than five loans secured by any interest in residential real property or tangible personal property shall furnish to the consumer borrower a written statement informing the consumer borrower of the amount of:

(1) If the interest and charges on the loan were precomputed:

(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.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Commercial Law § 12-1025 - last updated January 01, 2025 | https://codes.findlaw.com/md/commercial-law/md-code-coml-sect-12-1025/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard