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Section 14-4202 - Duty of Good Faith and Fair Dealing With Prospective Borrower — Maryland Law | CourtGPT
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  7. Section 14-4202 - Duty of Good Faith and Fair Dealing With Prospective Borrower
Maryland Legal Code

Section 14-4202 - Duty of Good Faith and Fair Dealing With Prospective Borrower

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(a) In this section, 'steer' means, in connection with a consumer credit transaction secured by a mobile home, to direct a prospective consumer borrower to complete a transaction in any way based on the fact that a mobile home retailer will receive compensation, directly or indirectly, from a lender or credit grantor that is in excess of any compensation or gain received in a comparable cash transaction. (b) A mobile home retailer: (1) Has a duty of good faith and fair dealing in providing financial information to a prospective consumer borrower, including providing financial information in a manner that is not misleading or deceptive and that discloses all material facts; (2) May not steer a prospective consumer borrower to financing products that offer less favorable terms; and (3) Shall provide a written statement to a prospective consumer borrower in accordance with § 14–4203 of this subtitle.