Section 12-310 - Collateral sale, purchase, or agreement in connection with loan. - Maryland Statutes

§ 12-310. Collateral sale, purchase, or agreement in connection with loan.
 

(a)  Profit or advantage considered charge.- For purposes of this subtitle, any profit or advantage which a person contracts for, collects, receives, or obtains by a collateral sale, purchase, or agreement in connection with negotiating, arranging, or making a loan is considered a charge for the loan. 

(b)  Exceptions.- This section does not apply to any commission, dividend, retrospective rating credit, or other consideration received by a licensee or a licensed insurance producer who is an officer, director, agent, employee, or affiliate of a licensee on insurance sold under this subtitle in accordance with the applicable provisions of the Insurance Article. 
 

[An. Code 1957, art. 11, § 201; 1975, ch. 49, § 3; 1977, ch. 693, § 2; 1979, ch. 464, § 1; 1997, ch. 35, § 9; 2001, ch. 731, § 1.]