§ 12–402.1
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 12-402.1 (2026)
Title 12. Credit Regulations
Subtitle 4. Secondary Mortgage Loans -- Credit Provisions
§ 12–402.1LinkCopy Citation
(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
(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.