§ 12-410. Insurance
West's Annotated Code of MarylandCommercial LawEffective: April 8, 2014
Effective: April 8, 2014
MD Code, Commercial Law, § 12-410
§ 12-410. Insurance
(2) “Covered loan” means a mortgage loan made under this subtitle that meets the criteria for a loan subject to the federal Home Ownership and Equity Protection Act set forth in 15 U.S.C. § 1602(bb), as modified from time to time by Regulation Z, 12 C.F.R. Part 1026, except that the comparison percentages for the mortgage loan shall be one percentage point less than those specified in 15 U.S.C. § 1602(bb), as modified from time to time by Regulation Z, 12 C.F.R. Part 1026.
(ii) A lender may not require a borrower, as a condition to receiving or maintaining a secondary mortgage loan, to provide or purchase property insurance coverage against risks to any improvements on any real property in an amount exceeding the replacement cost of the improvements on the real property.
Credits
Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 1983, c. 138; Acts 1983, c. 246; Acts 1988, c. 6, § 1; Acts 1988, c. 693; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 1997, c. 70, § 4, eff. Oct. 1, 1997; Acts 2001, c. 731, § 9, eff. July 2, 2001; Acts 2002, c. 19, § 5, eff. April 9, 2002; Acts 2002, c. 532, § 1, eff. Oct. 1, 2002; Acts 2003, c. 21, § 1, eff. April 8, 2003; Acts 2004, c. 25, § 1, eff. April 13, 2004; Acts 2006, c. 615, § 1, eff. Oct. 1, 2006; Acts 2014, c. 45, § 1, eff. April 8, 2014.
Formerly Art. 66, § 62.
MD Code, Commercial Law, § 12-410, MD COML § 12-410
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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