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Current as of January 01, 2025 | Updated by Findlaw Staff
A foreclosure consultant may not:
(1) Engage in, arrange, offer, promote, promise, solicit, participate in, assist with, or carry out a foreclosure rescue transaction;
(2) Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented that the foreclosure consultant would perform;
(3) Claim, demand, charge, collect, or receive any interest or any other compensation for any loan that the foreclosure consultant makes to the homeowner that exceeds 8% a year;
(4) Take any wage assignment, any lien of any type on real or personal property, or other security to secure the payment of compensation;
(5) Receive any consideration from any third party in connection with foreclosure consulting services provided to a homeowner unless the consideration:
(i) Is first fully disclosed in writing to the homeowner;
(ii) Is clearly listed on any settlement documents; and
(iii) Is not in violation of any provision of this subtitle;
(6) Receive a commission, regardless of how described, for the sale of a residence in default that exceeds 8% of the sales price;
(7) Receive any money to be held in escrow or on a contingent basis on behalf of the homeowner;
(8) Acquire any interest, directly or indirectly, or by means of a subsidiary, affiliate, or corporation in which the foreclosure consultant or a member of the foreclosure consultant's immediate family is a primary stockholder, in a residence in default from a homeowner with whom the foreclosure consultant has contracted;
(9) Take any power of attorney from a homeowner for any purpose, except to inspect documents as provided by law; or
(10) Induce or attempt to induce any homeowner to enter into a foreclosure consulting contract that does not comply in all respects with this subtitle.
Cite this article: FindLaw.com - Maryland Code, Real Property § 7-307 - last updated January 01, 2025 | https://codes.findlaw.com/md/real-property/md-code-real-prop-sect-7-307/
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.
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