LAWS OF MARYLAND 1979

MARYLAND, Sct.:

At a Session of the General Assembly of Maryland, begun and
held in the City of Annapolis on the Tenth Day
of January, 1979, and Ending on the Ninth Day of
April, 1979, Harry Hughes, being Governor of the
State, the following laws were enacted, to wit:

CHAPTER 1

(Senate Bill 83)

AN ACT concerning

Commercial Law - Loans Secured By
Residential Real Property

FOR the purpose of providing that certain lenders may charge
any effective rate of simple interest on loans secured
by residential real property under certain conditions;
repealing a certain date requirement and exempting
these lenders from the prohibition against charging
points.; allowing for types of loans on which points
may be charged; and generally relating to loans secured
by residential real property; and making this Act an
emergency measure.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 12-103(b)(1) and 12-108(c)

Annotated Code of Maryland

(1975 Volume and 1978 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Commercial Law

12-103

(b) (1) A lender may charge interest at an ANY
effective rate of simple interest not in excess of 10

Underlining indicates amendments to bill.
Strike out indicates matter stricken by amendment.
[Brackets] indicate matter deleted from existing law.
Numerals at right identify computer lines of text.