§ 12-404. Determining amounts due
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 12-404
§ 12-404. Determining amounts due
(2) A lender, including a seller who takes a mortgage or deed of trust to secure payment of all or a portion of the purchase price of a residence sold to a borrower, may make a loan for the purpose of aiding the borrower in the sale of the borrower's residence or the purchase of a new residence, and may create a balloon payment at maturity of this loan if the balloon payment is:
(iii) Required to be postponed one time, upon becoming due, at the borrower's request, for a period not to exceed 6 months, provided that the borrower continues to make the monthly installments provided for in the original loan agreement, and no new closing costs, processing fees or similar fees are imposed on the borrower as a result of the extension; and
(3)(i) A commercial loan of $75,000 or less made under this subtitle need not be amortized in equal or substantially equal payments and may contain a balloon payment at maturity if the borrower is authorized to postpone the maturity date one time and continue to make installment payments as provided in the original loan agreement and the postponed maturity date does not exceed:
1. 24 months if the original maturity date is more than 12 months after the loan is made; or
2. 6 months if the original maturity date is 12 months or less after the loan is made.
Credits
Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 1975, c. 574, § 2; Acts 1976, c. 282, § 1; Acts 1979, c. 95; Acts 1979, c. 468; Acts 1982, c. 609; Acts 1982, c. 753; Acts 1983, c. 106; Acts 1983, c. 163; Acts 1984, c. 255; Acts 1985, c. 115; Acts 1985, c. 150; Acts 1985, c. 597.
Formerly Art. 66, § 61.
MD Code, Commercial Law, § 12-404, MD COML § 12-404
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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