MARVIN MANDEL, Governor                                2743

contract of life insurance be outstanding for more than
the original [amount of] TOTAL REPAYABLE UNDER the
contract; provided further that any [such] insurance
hereinabove described is obtained from an insurance
company authorized by the State Insurance Department of
Maryland to conduct business in this State at rates which
do not exceed those lawfully or acceptably filed by
[such] insurance companies with the Insurance Department
of Maryland; and is in an amount not to exceed the
reasonable value of the real or personal property
insured; and is of the type of coverage which bears a
reasonable relation to the existing hazard or risk of
loss.

[(5)](4) Collect from the borrower the actual fees
paid a public official or agency of the State for
recording and satisfying a judgment, mortgage,
encumbrance or lien on any real or personal property
securing a loan or advance and the actual title insurance
or reasonable attorney fees paid for searching and
insuring the title to real property securing a loan or
advance.

(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
subtitle on loans or advances of [fifteen hundred dollars
($1,500)] [[55,000]] $3,500 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 subtitle;
and in the case of any licensee 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 subtitle or entirely
under and subject to the provisions of Article 58A.

(3)    Take a security interest in real property if

the value of the loan is less than $2,000.

(4) Take a security interest in personal property
if the value of the loan is less than $700.

[(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.