380

LAWS OF MARYLAND

[Ch. 49

REVISOR'S NOTE: This subsection is new language
added to clarify the meaning of the term
"stated rate of interest" as used in this
subtitle. It is derived without substantive
change from the definition of that term
contained in B.F. Saul Co. v. West End Park,
250 Md. 707, 718 (1968), where the Court of
Appeals explained that the stated rate is that
which appears, for example, "on the face of
the mortgage and mortgage note, if the latter
is used." The "checklist" of documents is
taken from present Art. 49, §9 - now §12-112
of this subtitle.

(K) USURY.

"USURY" MEANS THE CHARGING OF INTEREST BY A LENDER
IN AN AMOUNT WHICH IS GREATER THAN THAT ALLOWED BY THIS
SUBTITLE.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from Art.
49, §6. Reference to "other charges" is
deleted as unnecessary in light of the
definition of "interest" contained in this
section.

(L) WAGES.

"WAGES" [[HAS THE MEANING STATED IN §3121 OF THE
FEDERAL INTERNAL REVENUE CODE"]] MEANS ALL REMUNERATION
PAID TO ANY EMPLOYEE FOR HIS EMPLOYMENT, INCLUDING THE
CASH VALUE OF ALL REMUNERATION PAID IN ANY MEDIUM OTHER
THAN CASH..

REVISOR'S NOTE: This subsection is new language
designed to standardize the meaning of the
term "wages" in this article. It is derived
from Internal Revenue Code §3121, 26 U.S.C.
§3121.

12-102. GENERAL LEGAL RATE OF INTEREST.

EXCEPT AS OTHERWISE PROVIDED BY LAW, A PERSON MAY
NOT CHARGE INTEREST IN EXCESS OF AN EFFECTIVE RATE OF
SIMPLE INTEREST OF 6 PERCENT PER ANNUM ON THE UNPAID
PRINCIPAL BALANCE OF A LOAN.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
clause of Art. 49, §3. It is set out as a
separate section for purposes of emphasis.

The more definitive term "effective rate of