MARVIN MANDEL, Governor

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(d) "Property" means improved property or improved
chattels real, occupied or to be occupied by the
purchaser as a dwelling [where the purchase price does
not exceed $25,000], OR AN UNIMPROVED, SUBDIVIDED LOT OR
LOTS INTENDED TO BE IMPROVED FOR RESIDENTIAL PURPOSES.

10-103.

(b)     The contract also shall recite in simple
tabular form, the following separate items in the
following order:

(8) The interest on the unpaid balance not
exceeding the percentage per annua allowed by [Article
49, § 3] § [[12-103(F)]] 12-103(A) OF THE COMMERCIAL LAW
ARTICLE any ground rent, taxes, and other public charges.

(c)     The installment payments first shall be
applied by the vendor to the payment of:

(4) Interest on unpaid balance owed by the
purchaser at a rate PER ANNUM not exceeding the
percentage allowed by [Article 49, § 3 per annum;] §
[[12-103(F)]] 12-103(A) OF THE COMMERCIAL LAW ARTICLE;

[[SECTION 2. AND BE IT FURTHER ENACTED, That new
Section 12—103(f) be and it is hereby added to Article —
Commercial Law, of the Annotated Code of Maryland (As

enacted by Chapter ____ (HB26) of the Acts of the General

Assembly of 1975) to read as follows:

Article — Commercial Law

12-103.

(F) LAND INSTALLMENT CONTRACT - 10 PERCENT
MAXIMUM.

A VENDOR UNDER A LAND INSTALLMENT CONTRACT, AS
DEFINED IN § 10-101 OF THE REAL PROPERTY ARTICLE, MAY
CHARGE INTEREST AT AN EFFECTIVE RATE OF SIMPLE INTEREST
NOT IN EXCESS OF 10 PERCENT PER ANNUM ON THE UNPAID
PRINCIPAL BALANCE OF THE DEBT.]]

SECTION [[3]] 2. AND BE IT FURTHER ENACTED, That
this Act shall take effect July 1, 1975.

Approved May 15, 1975.