Section 12-316.1 – Penalty — Reliance Upon Written Opinions
(a) 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 […]
Section 12-317 – Short Titles
(a) This subtitle may be cited as the Maryland Consumer Loan Law — Credit Provisions. (b) This subtitle and the Maryland Consumer Loan Law — Licensing Provisions may be cited jointly as the Maryland Consumer Loan Law.
Section 12-305 – Discrimination Prohibited
(a) In granting or denying an application for a loan, a licensee may not discriminate against any loan applicant only on the basis of race, color, creed, national origin, sex, marital status, or age. (b) (1) A licensee is not in violation of this section if the licensee is in compliance with the federal Equal Credit Opportunity Act […]
Section 12-306 – Interest on Loan
(a) (1) Except as provided in subsections (b) and (c) of this section, a lender may charge interest on a loan at a rate not more than the rates specified in this subsection. (2) For any loan with an original principal balance of $2,000 or less, the maximum interest rate is: (i) 2.75 percent interest per month on that […]
Section 12-301 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Commissioner” means the Commissioner of Financial Regulation. (c) “Lender” means a licensee or a person who makes a loan subject to this subtitle. (d) “Licensee” means a person who is required to be licensed under Title 11, Subtitle 2 of the Financial Institutions Article, the Maryland Consumer […]
Section 12-302 – License Required Unless Exempt
A person may not engage in the business of making loans under this subtitle unless the person is licensed under or is exempt from the licensing requirements of Title 11, Subtitle 2 of the Financial Institutions Article, the Maryland Consumer Loan Law — Licensing Provisions.
Section 12-303 – Application of Subtitle
(a) (1) This subtitle applies to a loan of $25,000 or less made for personal, family, or household purposes. (2) Except as provided in paragraph (3) of this subsection, this subtitle applies regardless of: (i) Whether the transaction is or purports to be made under this subtitle; (ii) Whether the transaction is or purports to be an installment loan; (iii) The […]
Section 12-304 – Advertising
(a) A lender may not directly or indirectly print, publish, distribute, or broadcast any false, misleading, or deceptive statement regarding the rates, terms, or conditions of a loan. (b) (1) If charges or rates of charges are advertised by a licensee, the Commissioner may require him to state them fully and clearly in any manner the Commissioner considers […]