1. (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.

2. (b) A mobile home retailer:

   1. (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. (2) May not steer a prospective consumer borrower to financing products that offer less favorable terms; and
   3. (3) Shall provide a written statement to a prospective consumer borrower in accordance with § 14-4203 of this subtitle.

Added by Acts 2020, c. 48, § 1, eff. Oct. 1, 2020; Acts 2020, c. 49, § 1, eff. Oct. 1, 2020.