(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 […]
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.
(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 […]
Interest at a rate otherwise allowed by this subtitle is not usurious solely because of any one or more of the following: (1) For a period of less than one year, interest is calculated on the premise that there are 360 days in the year and 30 days in each month, which may include the date […]
(a) In this section, “mortgage loan” has the meaning stated in § 11–501 of the Financial Institutions Article. (b) Fees and charges collected at the direction of and actually paid to a government or governmental agency may be collected and are not interest under this subtitle. (c) Except as provided in subsection (d) of this section, if the […]
(a) This section does not apply to any loan: (1) Described in § 12-103(e) of this subtitle; or (2) Made under Title 18, Subtitle 10 of the Education Article. (b) (1) Before the execution of a loan contract under this title, the lender shall furnish to the borrower a written statement which sets forth: (i) The total principal amount of the […]
(a) A person may not require a borrower, as a condition to receiving a loan, to make any false or misleading statement or characterization that a loan is a commercial loan under § 12–101(c), § 12–103(e), or § 12–105 of this subtitle or § 12–401(i)(3) of this title if the loan is not a commercial loan. […]
If a charge or fee considered interest under this subtitle is charged at or before the inception of a loan contract, the effective rate of simple interest permitted to be charged by §§ 12-102 and 12-103 of this subtitle, and required to be disclosed by § 12-106 of this subtitle shall be determined in the […]
(a) Except for a loan described in § 12–103(d) or (e) of this subtitle, a lender may not charge a borrower or any other person any point or fraction of a point. (b) Notwithstanding the provisions of subsection (a) of this section, a lender may charge points on a mortgage loan which is not insured or guaranteed […]
(a) (1) In this section the following words have the meanings indicated. (2) “Escrow account” means an expense or escrow account which tends to protect the security of a loan by the accumulation of funds for the payment of taxes, insurance premiums, water and sewer facilities assessments, or other expenses. (3) “Lending institution” means a bank, savings bank, or […]
(a) The provisions of this section do not apply to escrow accounts maintained in connection with loans described in § 12–103(e)(1) of this subtitle. (b) Except in a foreclosure, release, or as provided in subsection (c) of this section, funds in any escrow account for use in paying taxes, insurance premiums, ground rents, and water and sewer […]
(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 […]
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.
(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.
(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 […]
(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 […]
(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 […]
(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 […]
(a) With respect to any loan made at a rate of interest pursuant to § 12–103(a) and (c) of this subtitle or § 12–306 of this title: (1) A lender may repossess goods securing a loan under an agreement if the borrower is in default in: (i) The payment of any sum due under the agreement; (ii) The performance […]
Any loan made before July 1, 1982, which is refinanced at a higher rate pursuant to § 12–103(a) and (c) of this subtitle or § 12–306 or § 12–404 of this title must comply with the following requirements: (1) The lender must give the following disclosures in writing to the borrower prior to the execution by […]
