Current with changes from the 2024 Legislative Session
Section 14-4202 - Steering(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.Added by 2020 Md. Laws, Ch. 49,Sec. 1, eff. 10/1/2020.Added by 2020 Md. Laws, Ch. 48,Sec. 1, eff. 10/1/2020.