Maryland § 12-1025
Full text of Maryland Maryland Code § 12-1025, with citation guidance and answers to common questions.
§ 12-1025.
(a) A credit grantor who receives scheduled monthly periodic payments on more than five loans secured by any interest in residential real property or tangible personal property shall furnish to the consumer borrower a written statement informing the consumer borrower of the amount of:
(1) If the interest and charges on the loan were precomputed:
(i) Payments credited to reducing the outstanding unpaid balance of the loan, either in terms of a total dollar figure or individually itemized; and
(ii) The remaining outstanding unpaid balance of the loan; or
(2) If the interest and charges on the loan were not precomputed:
(i) Payments credited to reducing the outstanding unpaid principal balance of the loan, either in terms of a total dollar figure or individually itemized;
(ii) Payments credited to interest and fees, either in terms of a total dollar figure or individually itemized; and
(iii) The remaining outstanding unpaid principal balance of the loan.
(b) At the option of the credit grantor, each written statement shall contain the information required in subsection (a)(1)(i) and (2)(i) and (ii) of this section either from the date the loan was made or, if previous written statements have been furnished to the consumer borrower, from the date of the last written statement.
(c) The written statement shall be furnished to the consumer borrower:
(1) In the case of loans secured by any interest in residential real property, at least annually; and
(2) In the case of loans secured by any interest in residential real property or tangible personal property, within a reasonable time after receipt of a written request of a consumer borrower provided the request is made at a reasonable time or interval since the furnishing of the last written statement.
(d) A credit grantor may charge a fee of up to $5 for each written statement requested by a consumer borrower.
Frequently Asked Questions About Maryland § 12-1025
What does Maryland Code § 12-1025 cover?
Section 12-1025 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-1025?
A common citation format is "Maryland Code § 12-1025" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-1025 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.