1450 LAWS OF MARYLAND. [CH. 932

(B) No licensee shall:

1. Charge, contract for, or receive, interest, discounts, fees,
fines, commissions, charges or other considerations in excess
of those permitted by this sub-title on loans or advances of
Fifteen Hundred Dollars ($1, 500) or less.

2. Divide into separate parts any contract made for the
purpose of or with the effect of obtaining charges in excess of
those authorized by this sub-title; and in the case of any li-
censee also holding a license under the provisions of Article
58A of the Annotated Code of Maryland, any loan made to
any one borrower by any such licensee shall be made either
entirely under and subject to the provisions of this sub-title
or entirely under and subject to the provisions of Article 58A.

3. Charge, contract for, collect or receive the service charge
authorized by this Article on any contract which is "renewed"
nor on that part of a new loan contract or advance used to pay
off a prior contract, before the expiration of six (6) months
from the date of the preceding contract.

4. Notwithstanding the provisions of any contract to the
contrary, a borrower may, at any time, prepay all or any part
of the unpaid balance to become payable under any instalment
contract. If the borrower pays the time balance, in full, before
maturity, the licensee shall refund to him a portion of the
interest. The amount of such refund shall be calculated by
either of the following two methods:

(a) The amount of the refund shall represent at least as
great a proportion of the total interest as the sum of the
periodical time balance after the date of prepayment bears to
the sum of all the periodical time balances under the schedule
of payments in the original contract; or

(b) The amount of the interest shall be divided by the num-
ber of months originally provided for the payment of the time
balance under the contract. This figure shall then be multi-
plied by the number of months by which the payment of the
time balance has been anticipated by the borrower, and the
result so obtained, shall be the amount of the refund to which
the borrower shall be entitled. Where the amount of the
credit for anticipation of payment is less than $1. 00, no refund
need be made.

(C) (Penalties. ) In addition to the interest, charges and
fees specifically provided for in 'this Article, no further or
other amount whatsoever shall be directly or indirectly
charged, contracted for, or received. If any amount in excess
of the charges permitted by this Article is charged, contracted
for, or received, except as the result of an accidental or bona