2662                                         LAWS OF MARYLAND                      [Ch. 784

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall be related back to July 1, 1973, in the assignment
of three members of the Board in the first class; three,
in the second class; and two, in the third class.
However, nothing in this Act may affect the tenure of any
member of the Board on the effective date of this Act,
for the remainder of the term in which he then is
serving. If a literal interpretation of Section 354(b)
as amended by this Act would affect a member's tenure if
applied as of July 1, 1974, the implementation of the Act
shall be delayed until a tenure is not affected.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1974.

Approved May 31, 1974.

CHAPTER 785
(House Bill 1216)
AN ACT concerning

Interest Charges — Installment Loans

FOR the purpose of establishing maximum interest charges
on certain installment loans repayable in unequal or
irregular installments.

BY adding to

Article 49 — Interest and Usury

Section 5 (c)

Annotated Code of Maryland

(1972 Replacement Volume and 1973 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 5(c) be and it is hereby added
to Article 49 — Interest and Usury, of the Annotated Code
of Maryland (1972 Replacement Volume and 1973 Supplement)
to read as follows:

Article 49 — Interest and Usury
5.

(C) LOANS MAY BE MADE UNDER THIS SECTION ON TERMS
REQUIRING THE BORROWER TO REPAY THE INDEBTEDNESS IN