Maryland § 5-514
Full text of Maryland Maryland Code § 5-514, with citation guidance and answers to common questions.
§ 5-514.
(a) (1) In this section the following words have the meanings indicated.
(2) “Conventional home mortgage loan” has the meaning stated in § 11–501 of this article.
(3) “Dwelling” has the meaning stated in § 11–501 of this article.
(4) “Shared appreciation agreement” has the meaning stated in § 11–501 of this article.
(b) (1) This subsection applies only to a conventional home mortgage loan that is not already required by law or regulation by the State or federal government to be assumable in connection with the granting of absolute divorce.
(2) A banking institution shall include in any conventional home mortgage loan a provision authorizing any of the existing borrowers to purchase the property interest of another borrower on the loan by assuming the seller’s portion of the mortgage if:
(i) The assumption is in connection with the granting of a decree of absolute divorce; and
(ii) The banking institution determines that the assuming borrower qualifies for the loan.
(c) A banking institution shall disclose an assumption provision in any conventional home mortgage loan in writing to a loan applicant before the completion of the loan application.
Frequently Asked Questions About Maryland § 5-514
What does Maryland Code § 5-514 cover?
Section 5-514 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 § 5-514?
A common citation format is "Maryland Code § 5-514" (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 § 5-514 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.