<p>ANNAPOLIS, Md. – Gov. Parris Glendening signed into law a predatory lending bill addressing loans with an interest rate of seven percentage points higher than a Treasury security of comparable maturity, or those with points and fees higher than 7% of the loan amount. Among the provisions of the new law, it requires lenders who make these types of loans to provide homebuyer education or housing counseling information. It also prohibits them from making loans without considering the borrower's ability to repay the loan and from financing single-premium credit insurance.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.