MARVIN MANDEL, Governor

1367

OF TRUST SECURING AN INDEBTEDNESS ON PROPERTY IS IN
EXCESS OF THE AMOUNT PRESCRIBED BY MARYLAND LAW, THE
EXCESS SHALL BE MULTIPLIED BY THREE AND THE PRODUCT
SUBTRACTED FROM THE UNPAID INTEREST, AND ONLY THE
DIFFERENCE IS PAYABLE. IF THE PRODUCT EXCEEDS THE
OUTSTANDING INTEREST AMOUNT, THE PRINCIPAL AMOUNT SHALL
BE REDUCED ONLY IF AN INTENT TO VIOLATE THIS SECTION IS
SHOWN EITHER BY AN INDIVIDUAL VIOLATION, OR BY A SERIES
OF VIOLATIONS]] EVEN IF A LOAN DOCUMENT IS EXECUTED
OUTSIDE OF THE STATE, THIS SECTION IS APPLICABLE IF THE
LOAN IS MADE TO A RESIDENT OF MARYLAND AND IS SECURED BY
PROPERTY LOCATED WITHIN THE STATE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 22, 1975.

CHAPTER 270
(Senate Bill 50)

AN ACT concerning

Sexual Discrimination — Tax Exemptions

FOR the purpose of eliminating the reference to a
particular sex in certain laws regarding exemption
from real and personal property taxation.

BY repealing and re—enacting, with amendments,

Article 81 — Revenue and Taxes

Section 9 (e)

Annotated Code of Maryland

(1969 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 9(e) of Article 81 — Revenue and
Taxes, of the Annotated Code of Maryland (1969
Replacement Volume and 1974 Supplement) be and it is
hereby repealed and re-enacted, with amendments, to read
as follows:

Article 81 — Revenue and Taxes
9.