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Maryland Code, Commercial Law § 12-119

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

(a) This section applies to any application for a loan, other than a commercial loan, to be secured by a first mortgage or first deed of trust on a borrower's primary residence.

(b) Any lender that imposes fees on borrowers for settlement services, or document review services, performed by a lender-designated attorney, or who conditions settlement on the employment of a particular attorney or title insurance company under § 12-120(c) of this subtitle, shall provide a prospective borrower with a written notice stating:

(1) The lender's requirements concerning selection of an attorney, title insurance company, or other person to perform settlement services relating to the purchase of the real property;

(2) The borrower's ability to choose an attorney or title insurance company under § 12-120(c) of this subtitle; and

(3) A good faith estimate of the fee or fees to be charged to the borrower.

(c) If notice is required by this section:

(1) The notice shall be provided at the time of or within 3 days after the application for a loan, or earlier upon request; and

(2) A copy of the notice, signed by the applicant, shall accompany any executed application for a loan.

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Cite this article: FindLaw.com - Maryland Code, Commercial Law § 12-119 - last updated January 01, 2025 | https://codes.findlaw.com/md/commercial-law/md-code-coml-sect-12-119/

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