Maryland Code, COMMERCIAL LAW 12-1302
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Terms Used In Maryland Code, COMMERCIAL LAW 12-1302
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) This subtitle applies to any lender that makes a mortgage loan secured by owner-occupied residential real property located in the State.
(b) This subtitle does not apply to:
(1) A secondary mortgage loan;
(2) An open-end or revolving home equity line of credit;
(3) A construction loan;
(4) An individual who takes back a deferred purchase money mortgage in connection with the sale of residential real property owned by, and titled in the name of, the individual; or
(5) An individual who makes a mortgage loan to a borrower who is the individual’s spouse, child, child’s spouse, parent, sibling, grandparent, grandchild, or grandchild’s spouse.