2010 Maryland Code
COMMERCIAL LAW
TITLE 12 - CREDIT REGULATIONS
Subtitle 10 - Credit Grantor Closed End Credit Provisions
Section 12-1027 - Lender's inspection fee.
§ 12-1027. Lender's inspection fee.
(a) "Lender's inspection fee" defined.- In this section, "lender's inspection fee" means a fee imposed by a credit grantor to pay for a visual inspection of residential real property.
(b) Not imposed.- Except as provided in subsection (c) of this section, a credit grantor may not impose a lender's inspection fee in connection with a loan made to a consumer borrower that is secured by residential real property.
(c) Imposed.- A lender's inspection fee may be imposed on a consumer borrower 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 credit grantor.
(d) Appraisals.- This section does not apply to an appraisal of the value of real property by a credit grantor or to fees imposed in connection with an appraisal.
[1993, ch. 404, § 2.]
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