§ 14-4202

Maryland § 14-4202

• Jurisdiction: Maryland
• Article gcl: Commercial Law
• Title: 14

Text

(a) In this section, “steer” means, in connection with a consumer credit transaction secured by a mobile home, to direct a prospective consumer borrower to complete a transaction in any way based on the fact that a mobile home retailer will receive compensation, directly or indirectly, from a lender or credit grantor that is in excess of any compensation or gain received in a comparable cash transaction.

(b) A mobile home retailer:

(1) Has a duty of good faith and fair dealing in providing financial information to a prospective consumer borrower, including providing financial information in a manner that is not misleading or deceptive and that discloses all material facts;

(2) May not steer a prospective consumer borrower to financing products that offer less favorable terms; and

(3) Shall provide a written statement to a prospective consumer borrower in accordance with § 14–4203 of this subtitle.