We are modifying our Maryland Department of Labor, Licensing, and Regulation Disclosures (Cx13900, Cx13901, and Cx13902), pursuant to COMAR 09.03.10.03, to ensure that clients do not get multiple disclosures about balloon payments or payment of taxes/insurance. COMAR 09.03.10.03 reflects that when a loan includes a balloon payment, or does not provide an escrow account for the payment of taxes and insurance, the disclosures outlined in this chapter should be provided.
It came to our attention that when (FI 143027) Print Balloon Payment Disclosure = Yes was added as a second condition on Cx13900 (announcement here), the same condition was not added around the balloon payment disclosure inside the document. This meant the document could potentially print without the balloon payment disclosure paragraph triggering. Document code on Cx13900 has been modified to address this possibility. We are also removing the balloon payment disclosure paragraph from Cx13901 and Cx13902 because these disclosures do not print for balloon loans (Cx13900 is used instead).
These changes will be in effect on April 4, 2023. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.