In this subtitle the following words have the meanings indicated. “Commissioner” means the Commissioner of Financial Regulation in the Maryland Department of Labor. “Consumer borrower” means an individual receiving a loan or other extension of credit for personal, household, or family purposes. “Mobile home” has the meaning stated in § 11–501 of the Financial Institutions Article. “Mobile home retailer” means a person that: Sells mobile homes at retail; Provides information regarding financing products to a borrower for the purchase of a mobile home; and Is not: A mortgage lender, as defined in § 11–501 of the Financial Institutions Article; or A mortgage originator, as defined in § 11–601 of the Financial Institutions Article.

In this section, “steer” means, in connection with a consumer credit transaction secured by a mobile home, to direct a prospective consumer borrower to complete a transaction in any way based on the fact that a mobile home retailer will receive compensation, directly or indirectly, from a lender or credit grantor that is in excess of any compensation or gain received in a comparable cash transaction. A mobile home retailer: Has a duty of good faith and fair dealing in providing financial information to a prospective consumer borrower, including providing financial information in a manner that is not misleading or deceptive and that discloses all material facts; May not steer a prospective consumer borrower to financing products that offer less favorable terms; and Shall provide a written statement to a prospective consumer borrower in accordance with § 14–4203 of this subtitle.

The statement required under § 14–4202(b)(3) of this subtitle shall be on a form prescribed by the Commissioner by regulation. If the form prescribed by the Commissioner is included in other documents provided by the mobile home retailer to a prospective consumer borrower, the form shall be conspicuous, such as through the use of a different font or separated with a box around it. The statement required under § 14–4202(b)(3) of this subtitle shall include: A disclosure that describes any corporate affiliation between the mobile home retailer and a financing source about which the mobile home retailer provides information to the prospective consumer borrower; A disclosure that the prospective consumer borrower may obtain financing from any lender and is not required to obtain financing from a lender suggested by the mobile home retailer; and Information regarding the rights of a prospective consumer borrower under this subtitle and the procedure for filing a complaint with the Commissioner. The mobile home retailer shall provide the statement required under § 14–4202(b)(3) of this subtitle: To a prospective consumer borrower at the time the mobile home retailer provides information to the prospective consumer borrower regarding financing or potentially available lenders; and By posting the statement in a prominent location at all of the mobile home retailer’s places of business and on the mobile home retailer’s website, if any.

Failure of a mobile home retailer to comply with this subtitle does not affect the validity of an otherwise valid financing transaction.

The Commissioner may enforce this subtitle by exercising any of the powers authorized under §§ 2–113 through 2–116 of the Financial Institutions Article.