SPIRO T. AGNEW, Governor                       661

CHAPTER 439
(House Bill 13)

AN ACT to repeal and reenact with amendments Sections 2, 6, 9, 11,
15,16,18, and 19 of Article 58A of the Annotated Code of Maryland
(1964 Replacement Volume), title "Loans—Petty," to be under the
the new subtitle "Loans—Consumer," and to repeal Sections 1, 17,
21, 22 and 23 of said Article and title of said Code and to enact
new Sections 1, 17, 21, 22 and 23 in lieu thereof, to stand in the
place of the sections so repealed; and to add new Sections 16A

and 17A to said Article and title of said Code, to follow immedi-

ately after Sections 16 and 17, respectively; and to repeal and
re-enact with amendments Section 166 of Article 11 of the Code
(1957 Edition), title "Banks and Trust Companies," subtitle "In-
dustrial Finance Companies," generally revising the small loan
laws of Maryland including provisions increasing the maximum
amount which may be loaned under these laws, increasing the
license fees, authorizing an alternative method of computing and
collecting interest, concerning the placement of insurance in
connection with the loans, granting the Administrator of Loan
Laws certain powers, concerning the collection of interest and
certain charges on the loan, changing the title of Article 58A, and
modifying a reference in the Industrial Loan Laws to Article 58A.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 2, 6, 9, 11, 15, 16, 18, and 19 of Article 58A of the
Annotated Code of Maryland (1964 Replacement Volume), title
"Loans—Petty," to be under the new title "Loans—Consumer," be
and they are hereby repealed and reenacted with amendments; and
that Sections 1, 17, 21, 22 and 23 of said Article and title of said Code
be and they are hereby repealed, and that new Sections 1, 17, 21,
22 and 23 be and they are hereby enacted in lieu thereof, to stand in
the place of the sections so repealed; and that new Sections 16A and

17A be and they are hereby added to said Article and title of said

Code, to follow immediately after Sections 16 and 17, respectively;
and that Section 166 of Article 11 of the Code (1957 Edition), title
"Banks and Trust Companies," subtitle "Industrial Finance Compan-
ies," be and it is hereby repealed and reenacted with amendments,
all to read as follows:

Article 58A
[Loans—Petty] Loans—Consumer

1.

No person, copartnership, association or corporation, shall make
any loan of money, credit, goods or things in action and charge,
contract for or receive any interest, charges, discounts, or other
consideration, authorized by this Article, or shall in any manner
utilize any advantage provided by the provisions of this Article,
without first having obtained a license from the Administrator of
Loan Laws. No bank, savings bank, trust company, credit union,
savings and loan association, or building and loan association shall
be permitted to be licensed under this Article. Nothing in this
Article shall be construed as a restriction upon or expansion of powers
conferred by law upon persons, copartnerships, associations, or cor-
porations, not required or permitted to be licensed hereunder.