Section 12-109.2 – Management of Escrow Accounts; Lender’s Bankruptcy; Fees and Charges
(a) (1) In this section the following terms have the meanings indicated. (2) “Escrow account” has the meaning stated in § 12-109 of this subtitle. (3) “Lender” includes a lender and assignee of a lender. (4) “Mortgage” includes a mortgage and a deed of trust. (b) (1) Funds in any escrow account shall be kept separate from and may not be commingled […]
Section 12-110 – Effect of Assignment on Usurious Loan or Contract
An assignment of wages is void if given as security for the payment or fulfillment of a usurious contract or the payment of the principal or interest on a usurious loan.
Section 12-111 – Limitation of Actions
(a) This section does not apply to a loan subject to § 12–114.1 of this subtitle. (b) A private action for usury under this subtitle may not be brought more than 6 months after the loan is satisfied.
Section 12-112 – Usury Not Available Against Bona Fide Assignee
(a) This section does not apply to a loan subject to § 12–114.1 of this subtitle. (b) A claim or plea of usury is not available against a legal or equitable assignee, endorsee, or transferee of any bond, draft, mortgage, deed of trust, security agreement, promissory note, or other instrument or evidence of indebtedness, if he receives […]
Section 12-113 – Discrimination Prohibited
(a) Except as provided in subsection (b) of this section, a lender may not refuse to lend money to any person solely because of: (1) Geographic area or neighborhood; or (2) Race, creed, color, age, sex, marital status, handicap, or national origin. (b) A lender may refuse to make a loan: (1) On property outside a geographic area of the […]
Section 12-101.1 – Applicable Provisions Governing Loans
(a) On or after January 1, 2019, a lender may, at the lender’s option, elect to make a loan to any borrower either under this subtitle or as otherwise authorized by applicable law. (b) If a lender makes a written election in the agreement, note, or other evidence of the loan specifying that this subtitle will govern […]
Section 12-114 – Penalties
(a) This section does not apply to a loan subject to § 12–114.1 of this subtitle. (b) (1) Any person who violates the usury provisions of this subtitle shall forfeit to the borrower the greater of: (i) Three times the amount of interest and charges collected in excess of the interest and charges authorized by this subtitle; or (ii) The […]
Section 12-102 – General Legal Rate of Interest
Except as otherwise provided by law, a person may not charge interest in excess of an effective rate of simple interest of 6 percent per annum on the unpaid principal balance of a loan.
Section 12-114.1 – Covered Loan Prohibitions
(a) (1) In this section the following words have the meanings indicated. (2) (i) “Covered loan” means a loan subject to § 12–103(a)(3) or (c) of this subtitle, made for personal, family, or household purposes, regardless of whether the loan is or purports to be made under this subtitle. (ii) “Covered loan” does not include: 1. A loan or an advance […]
Section 12-103 – Other Permitted Rates of Interest; Licensing Requirements
(a) (1) Except as provided in subsections (b), (c), (d), (e), and (f) of this section, a lender may charge interest at an effective rate of simple interest not in excess of 8 percent per year on the unpaid principal balance of a loan if there is a written agreement signed by the borrower which sets forth […]