2008 Regular Session


File Code: Commercial Law - Credit Regulation Crossfiled with: SENATE BILL 270
Sponsored By:
The Speaker (By Request - Administration) and Delegates Aumann, Barkley, Barnes, Barve, Benson, Bobo, Bohanan, Braveboy, Bronrott, Burns, G. Clagett, V. Clagett, Conway, Doory, Eckardt, Frick, Gaines, Griffith, Gutierrez, Guzzone, Haddaway, Healey, Hecht, Heller, Holmes, Howard, Hucker, Ivey, James, Jones, Kaiser, Krysiak, Lafferty, Lee, Levi, Levy, Love, Manno, Mathias, McIntosh, Montgomery, Morhaim, Nathan-Pulliam, Niemann, Pena-Melnyk, Ramirez, Riley, Ross, Rudolph, Shewell, Sophocleus, Stein, Stukes, Tarrant, F. Turner, V. Turner, Vaughn, Waldstreicher, Walker, and Carr
Credit Regulation - Mortgage Lending and Other Extensions of Credit


Prohibiting a lender from requiring or authorizing the imposition of prepayment charges in connection with specified mortgage loans; prohibiting lenders and credit grantors from making specified mortgage loans without giving due regard to the borrower's ability to repay the loans; repealing provisions of law that establish a presumption about a borrower's ability to repay a loan; requiring a specified representation by a mortgage broker to be contained in a finder's fee agreement; providing for the effective dates of the Act; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occuring in the Chambers otherwise Calendar date is used.
House Action
First Reading Economic Matters
Hearing 2/21 at 1:00 p.m.
Favorable with Amendments Report by Economic Matters
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
Third Reading Passed (127-7)
House Concur - Senate Amendments
Third Reading Passed (136-0)
Passed Enrolled
Senate Action
First Reading Finance
Hearing 3/25 at 1:00 p.m.
Favorable with Amendments Report by Finance
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
Third Reading Passed with Amendments (47-0)
Action after passage in House and Senate
Approved by the Governor
- Chapter 8

Sponsored by:

Speaker, The
Delegate Susan L. M. Aumann, District 42
Delegate Charles Barkley, District 39
Delegate Ben Barnes, District 21
Delegate Kumar P. Barve, District 17
Delegate Joanne C. Benson, District 24
Delegate Elizabeth Bobo, District 12B
Delegate John L. Bohanan, Jr., District 29B
Delegate Aisha N. Braveboy, District 25
Delegate William A. Bronrott, District 16
Delegate Emmett C. Burns, Jr., District 10
Delegate Alfred C. Carr, Jr., District 18
Delegate Virginia P. Clagett, District 30
Delegate Galen R. Clagett, District 3A
Delegate Norman H. Conway, District 38B
Delegate Ann Marie Doory, District 43
Delegate Adelaide C. Eckardt, District 37B
Delegate C. William Frick, District 16
Delegate Tawanna P. Gaines, District 22
Delegate Melony G. Griffith, District 25
Delegate Ana Sol Gutierrez, District 18
Delegate Guy Guzzone, District 13
Delegate Jeannie Haddaway, District 37B
Delegate Anne Healey, District 22
Delegate Sue Hecht, District 3A
Delegate Henry B. Heller, District 19
Delegate Marvin E. Holmes, Jr., District 23B
Delegate Carolyn J. B. Howard, District 24
Delegate Tom Hucker, District 20
Delegate Jolene Ivey, District 47
Delegate Mary-Dulany James, District 34A
Delegate Adrienne A. Jones, District 10
Delegate Anne R. Kaiser, District 14
Delegate Carolyn J. Krysiak, District 46
Delegate Stephen W. Lafferty, District 42
Delegate Susan C. Lee, District 16
Delegate Gerron S. Levi, District 23A
Delegate Murray D. Levy, District 28
Delegate Mary Ann E. Love, District 32
Delegate Roger P. Manno, District 19
Delegate James N. Mathias, Jr., District 38B
Delegate Maggie McIntosh, District 43
Delegate Karen S. Montgomery, District 14
Delegate Dan K. Morhaim, District 11
Delegate Shirley Nathan-Pulliam, District 10
Delegate Doyle L. Niemann, District 47
Delegate Joseline A. Pena-Melnyk, District 21
Delegate Victor R. Ramirez, District 47
Delegate B. Daniel Riley, District 34A
Delegate Justin D. Ross, District 22
Delegate David D. Rudolph, District 34B
Delegate Tanya T. Shewell, District 5A
Delegate Theodore Sophocleus, District 32
Delegate Dana Stein, District 11
Delegate Melvin L. Stukes, District 44
Delegate Shawn Z. Tarrant, District 40
Delegate Frank S. Turner, District 13
Delegate Veronica Turner, District 26
Delegate Michael L. Vaughn, District 24
Delegate Jeff Waldstreicher, District 18
Delegate Jay Walker, District 26

Bill indexed under the following Subjects:

Agents and Brokers
Bonds -see also- County & Baltimore City Bonds; State Bonds.
Consumer Protection -see also- Unfair Trade Practices
Contracts -see also- Land Installment Contracts; Procurement
Fees -see also- Devt Fees and Taxes; Reimbursement Rates
Financial Regulation, Division of
Interstate Affairs
Investigations and Inquiries -see also- Crim Bckgrnd Invest.
Licenses -see also- Alcoholic Bev Lic; Drivers` Licenses
Loans -see also- Mortgages
Public Information
Rules and Regulations

Bill affects the following Statutes:

Commercial Law
( 12-105 , 12-105 , 12-105 , 12-105 , 12-105 , 12-105 , 12-127 , 12-311 , 12-409.1 , 12-805 , 12-925 , 12-1029 )
Financial Institutions
( 2-105.1 , 11-503.1 , 11-506 , 11-507 , 11-507 , 11-508 , 11-508.1 , 11-508.1 , 11-511 , 11-515 , 11-515 , 11-603 , 11-605 , 11-606 , 11-609 , 11-612.1 , 11-613 , 11-615 , 11-615 )


Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled, Chapter
Fiscal and Policy Note (Displayed in PDF Format): Available
Amendments (Displayed in PDF Format):
Number: 913894/01     Offered on: March 18, 2008   at: 10:41 a.m.     Status: Adopted
Number: 937278/01     Offered on: April 1, 2008   at: 12:57 p.m.     Status: Adopted
Roll Call Votes (Legislative dates are shown):
March 16, 2008: Third Reading Passed (127-7)
March 31, 2008: Third Reading Passed (136-0)
March 29, 2008: Third Reading Passed (47-0)