Section 12-1027 - Lender's inspection fee. - Maryland Statutes

§ 12-1027. Lender's inspection fee.
 

(a)  "Lender's inspection fee" defined.- In this section, "lender's inspection fee" means a fee imposed by a credit grantor to pay for a visual inspection of residential real property. 

(b)  Not imposed.- Except as provided in subsection (c) of this section, a credit grantor may not impose a lender's inspection fee in connection with a loan made to a consumer borrower that is secured by residential real property. 

(c)  Imposed.- A lender's inspection fee may be imposed on a consumer borrower if the inspection is needed to ascertain completion of: 

(1) Construction of a new home; or 

(2) Repairs, alterations, or other work required by the credit grantor. 

(d)  Appraisals.- This section does not apply to an appraisal of the value of real property by a credit grantor or to fees imposed in connection with an appraisal. 
 

[1993, ch. 404, § 2.]