Section 7-305 - Rescission. - Maryland Statutes

§ 7-305. Rescission.
 

(a)  In general.- In addition to any other right under law to cancel or rescind a contract, a homeowner has the right to rescind a foreclosure consulting contract at any time. 

(b)  When it occurs.- Rescission occurs when the homeowner gives written notice of rescission to the foreclosure consultant at the address specified in the contract or through any facsimile or electronic mail address identified in the contract or other materials provided to the homeowner by the foreclosure consultant. 

(c)  Notice - When effective.- Notice of rescission, if given by mail, is effective when deposited in the United States mail, properly addressed, with postage prepaid. 

(d)  Notice - Form.- Notice of rescission need not be in the form provided with the contract and is effective, however expressed, if it indicates the intention of the homeowner to rescind the foreclosure consulting contract. 

(e)  Repayment.- After the rescission of a foreclosure consulting contract, the homeowner shall repay, within 60 days from the date of rescission, any funds paid or advanced by the foreclosure consultant or anyone working with the foreclosure consultant under the terms of the foreclosure consulting contract, together with interest calculated at the rate of 8% a year. 

(f)  Conditioning right of rescission on repayment prohibited.- The right to rescind may not be conditioned on the repayment of any funds. 
 

[2005, ch. 509; 2008, chs. 5, 6.]