3466

LAWS OF MARYLAND

[Ch. 817

exceeding the percentage per annua allowed by [Article
49, § 31 § 12-103(A) OF THE COMMERCIAL LAW ARTICLE OF THE
CODE, any ground rent, taxes, and other public charges.

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

(1)     Taxes, assessments, and other public
charges levied or assessed against the property and paid
by the vendor;

(2)    Any ground rent paid by the vendor;

(3)     Insurance premiums on the property paid
by the vendor;

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

(5)    Principal balance owed by purchaser.

SECTION 10. AND BE IT FURTHER ENACTED, That Section
9—203 (2) of Article — Commercial Law, of the Annotated
Code of Maryland (As enacted by Chapter 49 (H.B. 26) of
the Acts of the 1975 General Assembly) be and it is
hereby repealed and re—enacted, with amendments, to read
as follows:

Article — Commercial Law

9-203.

(2) A transaction, although subject to this title,
may also be subject to other statutes regulating loans
and retail installment sales, such as [Article 58A, §§ 1
through 23, Small Loan Act, Article 11, §§ 163 through
205, Industrial Finance Companies, Article 83, §§ 128
through 153, Retail Installment Sales,] TITLE 12,
SUBTITLES 2, 3, AND 6 OF THIS ARTICLE and the like, and
in the case of conflict between the provisions of this
title and any such statutes, the provisions of such
statute control. Failure to comply with any applicable
statute has only the effect which is specified therein.

SECTION 11. AND BE IT FURTHER ENACTED, That this
Act shall take effect July 1, 1975.

Approved May 15, 1975.