§ 12-106.1. Falsely claiming commercial loan
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 12-106.1
§ 12-106.1. Falsely claiming commercial loan
(a) A person may not require a borrower, as a condition to receiving a loan, to make any false or misleading statement or characterization that a loan is a commercial loan under § 12-101(c), § 12-103(e), or § 12-105 of this subtitle or § 12-401(i)(3) of this title if the loan is not a commercial loan.
(b)(1) Except as provided in paragraph (2) of this subsection, any person who willfully requires a borrower to make a false or misleading statement in violation of subsection (a) of this section, or who willfully procures such statement, knowing that it is false or misleading, shall forfeit to the borrower three times the amount of interest and charges contracted for or collected in excess of that permitted by law, in addition to any other penalty otherwise provided in this title.
(2) When a loan obtained by a borrower is not subject to restrictions imposed by law on the maximum amount of a finance charge and interest, any person who willfully requires a borrower to make a false or misleading statement in violation of subsection (a) of this section, or who willfully procures such statement, knowing that it is false or misleading, shall forfeit the finance charge or interest, brokerage fees, points, or any other charges or fees in addition to any other penalty otherwise provided in this title.
Credits
Added by Acts 1980, c. 631, § 1, eff. July 1, 1980. Amended by Acts 1983, c. 512; Acts 1983, c. 513; Acts 1984, c. 255; Acts 1999, c. 34, § 8, eff. April 13, 1999; Acts 2013, c. 43, § 5.
MD Code, Commercial Law, § 12-106.1, MD COML § 12-106.1
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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