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§ 1-213. Determination of creditworthiness; evaluation rules and alternative methods

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2021

West's Annotated Code of Maryland
Financial Institutions
Title 1. Definitions; General Provisions
Subtitle 2. General Provisions (Refs & Annos)
Effective: October 1, 2021
MD Code, Financial Institutions, § 1-213
§ 1-213. Determination of creditworthiness; evaluation rules and alternative methods
Currentness
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2) “Credit union” has the meaning stated in § 6-101 of this article.
(3) “Savings and loan association” has the meaning stated in § 8-101 of this article.
Application of section
(b) This section applies only to:
(1) A banking institution;
(2) A credit union;
(3) A savings and loan association;
(4) A community development financial institution; and
(5) A credit grantor regulated under Title 11 of this article.
In general
(c) When evaluating an application for a primary residential mortgage loan or an extension of credit, an entity subject to this section shall:
(1) Adhere to the rules concerning evaluations of applications established under 12 C.F.R. § 1002.6, including consideration of the following verifiable alternative indications of creditworthiness presented or made available to the entity by the applicant:
(i) History of rent or mortgage payments;
(ii) History of utility payments;
(iii) School attendance; and
(iv) Work attendance; and
(2) If the applicant requests, consider other verifiable alternative indications of creditworthiness presented or made available to the entity by the applicant.

Credits

Added by Acts 2021, c. 426, § 1, eff. Oct. 1, 2021.
MD Code, Financial Institutions, § 1-213, MD FIN INST § 1-213
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document