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§ 12-1018.1. Exceptions to § 12-1018 penalties

West's Annotated Code of MarylandCommercial LawEffective: April 8, 2008

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 10. Credit Grantor Closed End Credit Provisions (Refs & Annos)
Effective: April 8, 2008
MD Code, Commercial Law, § 12-1018.1
§ 12-1018.1. Exceptions to § 12-1018 penalties
Currentness
(a) In this section, “Commissioner” means the Commissioner of Financial Regulation.
(b) Except as provided in subsection (c) of this section, the penalty provided under § 12-1018(a)(2) of this subtitle does not apply if a credit grantor:
(1) Performed or omitted to perform an act in conformity with or in reliance upon:
(i) A written opinion of the Attorney General of Maryland or a regulation adopted by the Commissioner;
(ii) A written opinion by the Commissioner or the Deputy Commissioner; or
(iii) An interpretation by the Commissioner in a written notice or examination report; or
(2) Used a form or procedure that has been approved in writing by the Commissioner and the Attorney General.
(c) The provisions of subsection (b) of this section do not apply to an act or omission to act that occurs after:
(1) The opinion, regulation, or interpretation relied on is amended, repealed, or determined to be invalid for any reason by any judicial or other authority; or
(2) Approval for a form or procedure is amended, rescinded, or determined to be invalid for any reason by any judicial or other authority.
(d) This section may not be construed to:
(1) Limit the imposition of any civil or criminal penalty for a knowing or willful violation of this subtitle; or
(2) Limit the power of the Commissioner or the courts to order a refund to a borrower of moneys collected in violation of this subtitle.

Credits

Added by Acts 2008, c. 34, § 2, eff. April 8, 2008; Acts 2008, c. 35, § 2, eff. April 8, 2008.
MD Code, Commercial Law, § 12-1018.1, MD COML § 12-1018.1
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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