Section 12-1014 – General Provisions
(a) If any provision of this subtitle is held invalid, such invalidity shall not affect any other provisions of this subtitle which can be given effect without the invalid provision. (b) Notwithstanding any provisions of this title, a loan under this subtitle is subject only to the disclosure requirements of this subtitle, and, to the extent applicable, […]
Section 12-1015 – Applicability of Certain Provisions of Financial Institutions Article; License to Be Issued by Commissioner of Financial Regulation
(a) A credit grantor making a loan or an extension of credit under this subtitle is subject to the licensing, investigatory, enforcement and penalty provisions of Title 11, Subtitle 3 of the Financial Institutions Article unless the credit grantor or the loan or extension of credit is exempt under Title 11, Subtitle 3 of the Financial […]
Section 12-1003 – Interest; Balloon Payments
(a) A credit grantor may charge and collect interest on a loan at any daily, weekly, monthly, annual, or other periodic percentage rate as the agreement, the note, or other evidence of the loan provides if the effective rate of simple interest is not in excess of 24 percent per year. The rate of interest chargeable […]
Section 12-1016 – Complaint Procedure
(a) If a written complaint for violation of any provision of this subtitle, including the disclosure requirements of this subtitle and the federal Truth in Lending Act and regulations promulgated thereunder, or any other law of this State that regulates loans or other extensions of credit is filed with the Commissioner of Financial Regulation, the Commissioner […]
Section 12-1004 – Variation in Periodic Percentage Rate
(a) If the agreement, note, or other evidence of the loan permits, the periodic percentage rate of interest charged and collected on the loan may, if the interest is not precomputed, vary in accordance with an index that is made readily available to and verifiable by the borrower and is beyond the control of the credit […]
Section 12-1017 – Criminal Penalties
Any credit grantor or his officer or employee who willfully violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $1,000 or imprisonment not exceeding 1 year, or both.
Section 12-1005 – Additional Fees and Charges
In addition to interest at a periodic percentage rate or rates permitted by §§ 12-1003 and 12-1004 of this subtitle, a credit grantor may charge and collect: (a) (1) Subject to the limitations in this section, loan fees, points, finder’s fees, and other charges; however, all such charges, when combined with any finder’s fee imposed by a […]
Section 12-1018 – Civil Penalties
(a) (1) In this subsection, “notice” means the first to occur of the following: (i) When the credit grantor receives a written notice from the borrower notifying the credit grantor of an error or violation; (ii) When the credit grantor receives a written notice from the Commissioner of Financial Regulation or the appropriate regulatory authority notifying the credit grantor […]
Section 12-1006 – Deferral of Scheduled Payments; Deferral Charges; Insurance Premiums
A credit grantor may at any time permit a borrower to defer scheduled payments of a loan and may, in connection with the deferral and by agreement of the credit grantor and borrower: (1) Charge and collect deferral charges; and (2) Require payment by the borrower of the additional cost to the credit grantor of premiums for […]
Section 12-1018.1 – Civil Penalties — Exception
(a) In this section, “Commissioner” means the Commissioner of Financial Regulation. (b) Except as provided in subsection (c) of this section, the penalty provided under § 12–1018(a)(2) of this subtitle does not apply if a credit grantor: (1) Performed or omitted to perform an act in conformity with or in reliance upon: (i) A written opinion of the Attorney […]