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§ 14-4202. Mobile home retailer’s duty when providing financial information

West's Annotated Code of MarylandCommercial LawEffective: October 1, 2020

West's Annotated Code of Maryland
Commercial Law
Title 14. Miscellaneous Consumer Protection Provisions
Subtitle 42. Mobile Home Retail Sales (Refs & Annos)
Effective: October 1, 2020
MD Code, Commercial Law, § 14-4202
§ 14-4202. Mobile home retailer’s duty when providing financial information
Currentness
(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.

Credits

Added by Acts 2020, c. 48, § 1, eff. Oct. 1, 2020; Acts 2020, c. 49, § 1, eff. Oct. 1, 2020.
MD Code, Commercial Law, § 14-4202, MD COML § 14-4202
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.
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