Mobile Home Retailers - Financial Regulation
A Mobile Home Retailer is a person or a business that sells Mobile Homes (a/k/a Manufactured Homes) at retail, provides information regarding financing products to a prospective borrower for the purchase of a Mobile Home, and is not a mortgage lender or a mortgage originator (as defined in Md. Code Ann., Fin. Inst. §11-501 and §11-601, respectively).
Mobile Home Retailers have 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. Mobile Home Retailers may not steer (defined in Md. Code Ann., Comm. Law §14-4202) a prospective consumer borrower to financing products that offer less favorable terms, and shall provide a written statement to a prospective consumer borrower on a form proscribed by the Commissioner in accordance with Md. Code Ann., Comm. Law §14-4203. To download this form, please see “Additional Information and Documents”.
Industry Alerts and Advisories
Laws, Rules, and Regulations
Mobile Home Retailers are expected to be knowledgeable about and in compliance with their obligations under Maryland law when providing information regarding financing products to a prospective purchaser of a Mobile Home, and any other applicable State or Federal statutes, rules, and regulations.
Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include, but are not necessarily limited to:
- Maryland Code, Commercial Law Article, Title 12, Subtitle 1 (Interest and Usury)
- Maryland Code, Commercial Law Article, Title 12, Subtitle 9 (Credit Grantor Revolving Credit)
- Maryland Code, Commercial Law Article, Title 12, Subtitle 10 (Credit Grantor Closed End Credit)
- Maryland Code, Commercial Law Article, Title 14, Subtitle 42 (Mobile Home Retail Sales)
- Maryland Code, Financial Institutions Article, Title 11, Subtitle 5 (Maryland Mortgage Lender Law)
- Maryland Code, Financial Institutions Article, Title 11, Subtitle 6 (Mortgage Loan Originators)
- COMAR 09.03.10 (Credit and Other Regulation)