Maryland Code, INSURANCE 27-901
Terms Used In Maryland Code, INSURANCE 27-901
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(2) “Credit life or disability insurance” means a type of insurance that will pay all or part of an individual’s debt on the death or disability of the individual.
(3) “Finance charge” has the meaning stated in § 12-501 of the Commercial Law Article.
(4) “Retail credit account” has the meaning stated in § 12-501 of the Commercial Law Article.
(b) A person may not make, issue, charge, or cause to be made, issued, or charged to an individual any type of premium for credit life or disability insurance without the express written consent of the individual.
(c) The computation of a finance charge in a retail credit account may not be based in any part on the premiums due under a policy of credit life or disability insurance.