1318 LAWS OF MARYLAND. [CH. 751
CHAPTER 751.
(Senate Bill 19)

AN ACT to repeal and re-enact, with amendments, Section 15
of Article 58A of the Annotated Code of Maryland (1939
Edition), title "Loans—Petty", relating to the interest which
may be charged on small loans and eliminating the provision
authorizing the licensee to charge certain fees in connection
with said loans.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 15 of Article 58A of the Annotated Code
of Maryland (1939 Edition), title "Loans—Petty", be and it is
hereby repealed and re-enacted, with amendments, to read as
follows:

15. Every person, co-partnership and corporation licensed
hereunder may loan any sum of money, goods or things in
action, not exceeding in amount or value the sum of three hun-
dred dollars ($300. 00) and may charge, contract for and receive
thereon interest at a rate not to exceed three (3) per centum
per month.

(a) Interest shall not be payable in advance or compounded
and shall be computed on unpaid balances. In the computation
of interest, a day shall be considered one-thirtieth (1/30) of a
month. In refinancing a loan in due course of business, the
deduction of not more than one month's interest shall not be
considered as compounding of interest. In addition to the
interest herein provided for, no further or other charge, or
amount whatsoever for any examination, service, brokerage,
commission or other thing, or otherwise, shall be directly or
indirectly charged, contracted for or received.

(b) If interest, or charges in excess of those permitted by
this Article shall be charged, Contracted for, or received, the
contract of loan shall be void and the licensee shall have no
right to collect, or receive any principal, interest or charges
whatsoever.

(e) No licensee shall, directly or indirectly, charge, contract
for or receive any interest or consideration greater than six
per centum per annum upon the loan, use or forbearance of
money, goods or things in action, or upon the loan, use or sale
of credit, of the amount or value of more than three hundred
($300. 00) dollars. The foregoing prohibition shall also apply
to any licensee who permits any person, as borrower, or as
endorser, guarantor or surety for any borrower, or otherwise,
to owe, directly or contingently or both, to the licensee at any