MARVIN MANDEL, Governor                               1409

(2)    THE FEES, DISCOUNTS, POINTS, OR OTHER CHARGES
IMPOSED. AND THE INTEREST RATE ON THE LOAN, DO NOT EXCEED
THOSE ALLOWED BY THE APPLICABLE FEDERAL OR MARYLAND LAW
PROVIDING FOR THE MORTGAGE PURCHASE PROGRAM;

(3)    THE RATE OF INTEREST ON THE LOAN, COMPUTED IN
ACCORDANCE WITH THIS ARTICLE BY TAKING INTO ACCOUNT THOSE
FEES, DISCOUNTS, POINTS, AND OTHER CHARGES WHICH ARE
DEEMED INTEREST, DOES NOT EXCEED [[10 PERCENT PER ANNUM
SIMPLE INTEREST]] AN EFFECTIVE RATE OF SIMPLE INTEREST OF
10 PER CENT PER ANNUM PROVIDED BY §12-103(B) ON THE
UNPAID BALANCE: AND

(4) NOT MORE THAN OWE POINT IS      CHARGED TO THE

BORROWER, UNLESS THE FEDERAL [[OR     MARYLAND]] LAW

SPECIFIES A HIGHER LIMIT ON POINTS WHICH    MAY BE CHARGED
TO THE BORROWER.

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

Approved April 22, 1975.

CHAPTER 282

(Senate Bill 141)

AN ACT concerning

Interest Rates — Residential Real Property

FOR the purpose of [[making the 10 percent mortgage
interest rate limit permanent in the laws relating
to interest rates]] changing the date before which a
loan most be made and the mortgage or deed of trust
must be executed in order to be subject to the 10
percent interest rate ceiling.

BY repealing and re—enacting, with amendments,

Article — Commercial Law
Section 12-103(b) (1) (iv)
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 Section 12-103(b)(1)(iv) of Article -