§ 12-316.1. Penalty -- Reliance upon written opinions

   (a) In general. -- A licensee or a person exempt from licensing under this subtitle is not subject to a penalty involving the forfeiture of interest or principal for a violation that arises because the licensee or person exempt from licensing in good faith:

   (1) Performed or omitted to perform an act in conformity with or in reliance upon:

      (i) A written opinion of the Attorney General of Maryland or a regulation adopted by the Commissioner;

      (ii) A written opinion by the Commissioner given on request of the licensee or person exempt from licensing; or

      (iii) An interpretation by the Commissioner in a written notice or examination report; or

   (2) Used a form or procedure that has been approved in writing by the Commissioner and the Attorney General.

(b) Exceptions. -- The provisions of subsection (a) of this section do not apply to an act or omission to act that occurs after:

   (1) The opinion, regulation, or interpretation relied on is amended, repealed, or determined to be invalid for any reason by any judicial or other authority; or

   (2) Approval for a form or procedure is amended, rescinded, or determined to be invalid for any reason by any judicial or other authority.

(c) Knowing or willful violation; refunds. -- This section may not be construed to:

   (1) Limit the imposition of any civil or criminal penalty for a knowing or willful violation of this subtitle; or

   (2) Limit the power of the Commissioner or the courts to order a refund to a borrower of moneys collected in violation of this subtitle.

HISTORY: 1993, ch. 319.