Polek v. J.P. Morgan Chase Bank
Annotate this CaseThe claims in these consolidated cases were largely identical in that they shared similar allegations of violations of the Maryland Secondary Mortgage Loan Law (SMLL), the Maryland Consumer Protection Act (CPA), and common law breach of contract. Appellees in these cases were mortgage companies, who were assignees of the original lenders, and Appellants were individual borrowers. The Supreme Court affirmed the dismissals of each of the cases by the circuit courts, holding (1) the SMLL does not restrict a lender to a single loan origination fee, as long as the aggregate fees charged and collected do not exceed the statutory maximum; (2) Appellees were not required by the SMLL to provide borrowers, who did not intend to use the proceeds of their secondary mortgage loans for commercial purposes, a disclosure form designed expressly to advise commercial borrowers only under the SMLL; and (3) certain Appellants failed to support sufficiently their allegations of breach of contract, CPA violations, and claims in accounting with specific facts.
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