1366

LAWS OF MARYLAND

[Ch. 268

actual consideration paid or to be paid for the
conveyance of title and shall be collected by the clerks
of the circuit courts of the counties , [or] the clerk of
the Superior Court of Baltimore City, OR THE DEPARTMENT
OF ASSESSMENTS AND TAXATION.

SECTION 5. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 22, 1975.

CHAPTER 269
(Senate Bill 38)

AN ACT concerning

Mortgage Interest Rates — Penalty

FOR the purpose of providing [[a certain penalty when the
interest rate charged in any mortgage or deed of
trust exceeds the permissible rate allowable, and
generally relating to illegal interest rates]] that
the penalty provisions of the Maryland Interest and
Usury Law are applicable to loans to Maryland
residents executed outside the State which are
secured by property within the State.

BY adding to

Article — Commercial Law
Section 12-114(c)
Annotated Code of Maryland

(As enacted by Chapter ___ (HB 26) of the

Acts of the General Assembly of 1975)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 12-114(c) be and it is hereby
added to Article — Commercial Law, of the Annotated Code

of Maryland (As enacted by Chapter ___ (HB 26) of the

Acts of the General Assembly of 1975) to read as follows:

Article — Commercial Law

12-114.

(C) [[IF THE INTEREST RATE IN ANY MORTGAGE OR DEED