Nothing in the preceding sections of this Article shall be con-
strued to make usury a cause of action in any case after the bond,
bill obligatory, promissory note, bill of exchange, mortgage, or note
secured by a deed of trust, security agreement, or other evidence
of indebtedness, has been redeemed or settled for in money or other
valuable consideration for six (6) months.

Sec. 2. And be it further enacted, That transactions entered into

before the effective date of this Act and the rights, duties and

interest flowing from them shall remain valid thereafter and shall

be terminated, completed, consummated, or enforced as required

796                               LAWS OF MARYLAND                         CH. 453

10.

(a)    PRIOR TO THE EXECUTION OF A CONTRACT OF IN-
DEBTEDNESS The THE lender shall furnish the borrower in con-
nection with any loan made under the provisions of this Article for
a purpose other than a business or commercial purpose, a written
statement setting forth the following items:

(1)    The total principal amount of the loan AND THE TOTAL
AMOUNT OF INTEREST TO BE COLLECTED stated in dollars,
EXCEPT THAT ON NOTES OR LOANS PAYABLE ON DEMAND
THE TOTAL AMOUNT OF INTEREST TO BE COLLECTED
STATED IN DOLLARS SHALL BE COMPUTED ON A PER DIEM
BASIS;

(2)    The annual EFFECTIVE rate of SIMPLE interest which is
charged, stated in percentage CALCULATED TO THE NEAREST
2/10 OF 1%;

(3)    The ITEMIZED amount of payments in addition to interest,
collected by the lender, in connection with the loan at the time the
loan is made, stated in dollars;

(b)    If there are two or more borrowers on the loan, ACTUAL
delivery of the statement to one of them is sufficient, and copies shall
be furnished the other borrowers.

(c) If the borrower proves that the statement was not delivered

by the lender either at the time the loan was made or within thirty

(30) days thereafter, the lender shall forfeit to the borrower triple

the amount of simple interest computed at the contractual rate of

interest for a period of thirty (30) days on the unpaid principal

amount due at the time the period terminated for delivery of the

statement as herein required, and in this event the lender in ad-

dition thereto is required to furnish the borrower with a state-

ment as required by this Section. ANY PERSON WHO FAILS TO
FURNISH THE BORROWER PRIOR TO THE EXECUTION
OF THE CONTRACT OF INDEBTEDNESS, THE STATE-
MENT REQUIRED HEREIN IN THE FORM REQUIRED
HEREIN, SHALL BE GUILTY OF A MISDEMEANOR AND
UPON CONVICTION THEREOF SHALL PAY A FINE OF
NOT MORE THAN $1,000.00 OR SUFFER IMPRISONMENT
OF NOT MORE THAN ONE YEAR, OR BOTH, IN THE
DISCRETION OF THE COURT. IN BALTIMORE CITY, THE
MUNICIPAL COURT OF BALTIMORE CITY SHALL HAVE
JURISDICTION TO TRY THE OFFENSES HEREIN.

11.