2742                                               LAWS OF MARYLAND                         [Ch. 818

(1)    Charge, contract for or receive, interest, [in
advance at a rate not to exceed 6% per year, or one half
percent (1/2%) per month for the number of months
contracted for, of the original principal amount of the
loan or advance; service charges in advance, for services
rendered or to be rendered, and expenses incurred or to
be incurred, of four dollars ($4.00) or one twenty—fifth

(1/25) of the original principal amount of the loan or
advance, whichever is greater, on any loan or advance not
in excess in original principal amount of five hundred
dollars ($500.00): twenty dollars ($20.00) or one
fiftieth (1/50) of the original principal amount of any
loan or advance whichever is greater, the original amount
of which is in excess of five hundred dollars
($500.00) . ]AT A RATE NOT EXCEEDING EIGHTEEN PERCENT (18%)
SIMPLE INTEREST PER ANNUM ON THE UNPAID BALANCE OF ANY
LOAN NOT EXCEEDING [[$5,000]] $3,500. THE MAXIMUM
MONTHLY RATE FOR EACH FULL MONTH SHALL BE ONE-TWELFTH OF
THE ANNUAL RATE. FOB THIS PURPOSE, A MONTH SHALL BE THAT
PERIOD OF TIME FROM ANY DATE IN A MONTH TO THE
CORRESPONDING DATE IN THE NEXT MONTH; HOWEVER, IF THERE
IS NO SUCH CORRESPONDING DATE, THEN TO THE LAST DAI OF
THE SAID NEXT MONTH. A DAY SHALL BE CONSIDERED
ONE-THIRTIETH OF A MONTH WHEN COMPUTATION IS MADE FOR A
FRACTION OF A MONTH. INTEREST CHARGES SHALL BE COMPUTED
ON THE ACTUAL UNPAID PRINCIPAL BALANCES OUTSTANDING FROM
TIME TO TIME FOR THE ACTUAL TIME OUTSTANDING. INTEREST
SHALL NOT BE PAYABLE IN ADVANCE OR COMPOUNDED; PROVIDED,
HOWEVER, THAT IF PART OR ALL OF THE CONSIDERATION FOR A
LOAN CONTRACT IS THE UNPAID PRINCIPAL BALANCE OF A PRIOR
LOAN, THEN THE PRINCIPAL AMOUNT OF THE LOAN CONTRACT MAY
INCLUDE ANY UNPAID INTEREST WHICH HAS ACCRUED ON THE
PRIOR LOAN.

(2)   Require repayment of contracts in equal or
substantially equal monthly or other equal or
substantially equal periodic installments.

[ (3) Collect from the borrower a delinquent charge
of five cents (5 cents) for each default continuing for
five (5) or more days in the payment of one dollar
($1.00) or a fraction thereof at the time any periodical
installment is made provided, however, that such
delinquent charge shall not be imposed more than once for
the same default. ]

[ (4)](3) Collect from the borrower at the option of
the borrower, in addition to the foregoing, the premiums
actually paid for insuring real or personal property
securing a loan or advance; or collect for the premiums
actually paid for insuring the life [[AND HEALTH]] of the
party or parties obligated on a loan or advance, in an
amount not to exceed the {gross] amount of the TOTAL
PAYMENTS OF THE contract; provided that at no time shall