414

LAWS OF MARYLAND

[Ch. 49

In paragraph (1), the word "amount" is
substituted for "interest, or charges," and
the word "collect" is deleted as unnecessary
in light of the words "receive or retain."

The only other changes are in style.

Note that §12—201(b) provides that, for the
purpose of this section, "lender," includes a
licensed parent, subsidiary, or affiliate of a
lender.

With respect to the use of the term "lender"
in substitution for "licensee," see revisor's
note to §12-201(b).

12-211. CONSIDERATION GREATER THAN ALLOWED BY LAW
PROHIBITED.

(A)   LOANS PROHIBITED.

A PERSON MAY NOT LEND $500 OR LESS IF HE DIRECTLY OR
INDIRECTLY CONTRACTS FOR, CHARGES, OR RECEIVES A GREATER
RATE OF INTEREST, CHARGE, DISCOUNT, OR OTHER
CONSIDERATION THAN THAT AUTHORIZED BY THE LAWS OF THE
STATE.

(B)       LOANS UNENFORCEABLE.

A LOAN MADE IN THE AMOUNT OF $500 OR LESS, WHETHER
OR NOT THE LOAN IS OR PURPORTS TO BE MADE UNDER THIS
SUBTITLE, IS UNENFORCEABLE IF A RATE OF INTEREST, CHARGE,
DISCOUNT, OR OTHER CONSIDERATION GREATER THAN THAT
AUTHORIZED BY THE LAWS OF THE STATE IS CONTRACTED FOR,
CHARGED, OR RECEIVED BY ANY PERSON.

REVISOR'S NOTE: Subsection (a) of this section is
new language derived without substantive
change from Art. 58A, §21(a). The reference
to "copartnership, association or corporation"
is deleted as unnecessary in light of the
definition of "person" in §12—201.

Subsection (b) of this section is new language
derived without substantive change from Art.
58A, §22(a).

These provisions, which apply to any lending
of money by any "person," are to be
distinguished from those appearing in §12—210,
which relate specifically to a "lender."
Consequently, the phrase "whether or not the
loan is or purports to be made under this
subtitle" is added to this section, since