396

LAWS OF MARYLAND

[Ch. 49

words "but not limited to" are deleted as
unnecessary since use of the word "including"
is not intended in any sense to be
exclusionary or limiting. The maxim of
expressio unius est exclusio alterius and
doctrines of similar implication are not
intended, therefore, to be made applicable by
reason of this deletion.

12-114. PENALTIES.

(A)   USURY.

(1)    ANY PERSON WHO VIOLATES THE USURY
PROVISIONS OF THIS SUBTITLE SHALL FORFEIT TO THE BORROWER
THE GREATER OF:

(i) THREE TIMES THE AMOUNT OF INTEREST AND
CHARGES COLLECTED IN EXCESS OF THE INTEREST AND CHARGES
AUTHORIZED BY THIS SUBTITLE; OR

(ii) THE SUM OF $500.

(2)   A CLAIM OR PLEA OF USURY IS NOT VALID IF,
WITHIN 30 DAYS FROM THE DATE THE LOAN CONTRACT HAS
EXECUTED, THE LENDER:

(i) NOTIFIES THE BORROWER AND ANY OTHER PARTY
TO THE LOAN CONTRACT THAT THE LOAN HAS USURIOUS; AND

(ii) AGREES TO MODIFY IT BY SUBSTITUTING FOR
THE USURIOUS RATE OF INTEREST A LEGAL RATE OF INTEREST
NOT EXCEEDING THE STATED RATE OF INTEREST.

(B)   FAILURE TO PROVIDE REQUIRED STATEMENT.

ANY PERSON WHO VIOLATES THE DISCLOSURE PROVISIONS OF
§12-106 (B) AND (C) OF THIS SUBTITLE IS GUILTY OF A
MISDEMEANOR AND ON CONVICTION IS SUBJECT TO A FINE NOT
EXCEEDING $1,000 OR IMPRISONMENT NOT EXCEEDING ONE YEAR
OR BOTH.

REVISOR'S NOTE: Subsection (a) of this section
presently appears as Art. 49, §8. Paragraph
(2)(ii) of this subsection is a modification
of present §8(2), which appears to limit the
lender's power to adjust the interest rate to
the rate "stated on the contract providing
that the stated rate is not of itself
usurious." Since the usury is determined by
the effective rate of simple interest (see
e.g., §§ 12-102 and 12-106), rather than the
stated rate (defined in §12—101), limiting
modifications of the loan contract to elements