482                              Laws of Maryland                       Ch. 205

title "Loans—Consumer," amending the laws concerning certain
loans and the amount thereof and interest thereon in order to
provide for refinancing a loan and the treatment of interest thereon.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 16(a) of Article 58A of the Annotated Code of Maryland
(1969 Supplement), title "Loans—Consumer," be and it is hereby re-
pealed and re-enacted, with amendments, to read as follows:

16.

(a) Every person, copartnership, association or corporation li-
censed hereunder may loan any sum of money, goods or things in
action, not exceeding in amount of value the sum of five hundred
dollars ($500.00) and may charge, contract for and receive thereon
interest at a rate not to exceed three (3) per centum per month on
that part of the unpaid principal balance not exceeding three hundred
dollars ($300.00), and two (2) per centum per month on that part
of the unpaid principal balance exceeding three hundred dollars
($300.00) but not exceeding five hundred dollars ($500.00), pro-
vided, however, that the interest rate on any balance remaining un-
paid six (6) months after the date of maturity of the contract as
originally scheduled or as deferred, shall be reduced to six (6) per
centum simple interest per annum on the unpaid balances. In re-
financing a loan in due course of business, a licensee may deduct not
more than sixty days' interest which shall not be considered as com-
pounding of interest ACTUALLY DUE.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved April 15, 1970

CHAPTER 205
(House Bill 1051)

AN ACT to repeal and re-enact, with amendments, Section 37(1)
of Article 87 of the Annotated Code of Maryland (1969 Replace-
ment Volume), title "Sheriffs," subtitle "Compensation and
Duties," to increase the salary of the Sheriff of Harford County.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 37(1) of Article 87 of the Annotated Code of Maryland
(1969 Replacement Volume), title "Sheriffs," subtitle "Compensa-
tion and Duties," be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

37.

(1) The Sheriff of Harford County shall receive an annual
salary of [fifteen thousand dollars ($15,000.00)] seventeen thousand
dollars ($17,000.00). He shall appoint such deputies and at such
compensation as may be provided by the County Commissioners of
said county.