Section 12-406 - Restrictions on payment of commissions, finder's fees, and points.
§ 12-406. Restrictions on payment of commissions, finder's fees, and points.
(a) Limitations on payment of commission, finder's fee, or point.- Except as permitted by § 12-405(a) of this subtitle, any commission, finder's fee, or point shall be paid by the lender, and may be paid only to:
(1) A licensed real estate broker;
(2) A lawyer licensed to practice law in the State; or
(3) A licensee.
(b) Agreement for commission, finder's fee, or point unenforceable if not in writing.- An agreement to pay a commission, finder's fee, or point may not be enforced unless it is in writing and signed by the lender.
[An. Code 1957, art. 66, § 62; 1975, ch. 49, § 3; 2005, ch. 25, § 13.]