2010 Maryland Code
COMMERCIAL LAW
TITLE 12 - CREDIT REGULATIONS
Subtitle 1 - Interest and Usury
Section 12-121 - Lender's inspection fees.
§ 12-121. Lender's inspection fees.
(a) "Lender's inspection fee" defined.- In this section, the term "lender's inspection fee" means a fee imposed by a lender to pay for a visual inspection of real property.
(b) Imposition.- Except as provided in subsection (c) of this section, a lender may not impose a lender's inspection fee in connection with a loan secured by residential real property.
(c) When permitted.- A lender's inspection fee may be charged if the inspection is needed to ascertain completion of:
(1) Construction of a new home; or
(2) Repairs, alterations, or other work required by the lender.
(d) Applicability of section to appraisals.- This section does not apply to an appraisal of the value of real property by a lender or to fees imposed in connection with an appraisal.
[1986, ch. 628.]
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