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Maryland Code, Commercial Law § 14-4202

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

(a) In this section, “steer” means, in connection with a consumer credit transaction secured by a mobile home, to direct a prospective consumer borrower to complete a transaction in any way based on the fact that a mobile home retailer will receive compensation, directly or indirectly, from a lender or credit grantor that is in excess of any compensation or gain received in a comparable cash transaction.

(b) A mobile home retailer:

(1) Has a duty of good faith and fair dealing in providing financial information to a prospective consumer borrower, including providing financial information in a manner that is not misleading or deceptive and that discloses all material facts;

(2) May not steer a prospective consumer borrower to financing products that offer less favorable terms; and

(3) Shall provide a written statement to a prospective consumer borrower in accordance with § 14-4203 of this subtitle.

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Cite this article: FindLaw.com - Maryland Code, Commercial Law § 14-4202 - last updated January 01, 2025 | https://codes.findlaw.com/md/commercial-law/md-code-coml-sect-14-4202/

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