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§ 12-402.1. Written election

West's Annotated Code of MarylandCommercial LawEffective: January 1, 2019

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 4. Secondary Mortgage Loans--Credit Provisions (Refs & Annos)
Effective: January 1, 2019
MD Code, Commercial Law, § 12-402.1
§ 12-402.1. Written election
Currentness
(a)(1) On or after January 1, 2019, a lender may, at the lender's option, elect to make a loan to any borrower either under this subtitle or as otherwise authorized by applicable law.
(2) In order to make a loan under this subtitle, a lender shall make a written election in the agreement, note, or other evidence of the loan specifying that this subtitle will govern the loan.
(b)(1) If a lender elects to make a loan under this subtitle in accordance with this section, Subtitles 1, 3, 9, and 10 of this title do not apply to the loan.
(2) If a lender who makes or contracts to make a loan does not make a written election under this subtitle or Subtitle 1, Subtitle 3, Subtitle 9, or Subtitle 10 of this title:
(i) Subtitle 1 of this title will apply to the loan if the loan is:
1. For an amount over $25,000; or
2. A. For an amount of $25,000 or less; and
B. Not subject to Subtitle 3 of this title; or
(ii) Subtitle 3 of this title will apply to the loan if the loan is:
1. For an amount of $25,000 or less; and
2. Subject to Subtitle 3 of this title.

Credits

Added by Acts 2018, c. 732, § 2, eff. Jan. 1, 2019; Acts 2018, c. 790, § 1, eff. Jan. 1, 2019.
MD Code, Commercial Law, § 12-402.1, MD COML § 12-402.1
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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