420

LAWS OF MARYLAND

[Ch. 49

make a loan").
12-303. APPLICATION OF SUBTITLE.

(A)   AMOUNT OF LOAN.

A LENDER MAY NOT MAKE A LOAN UNDER THIS SUBTITLE
UNLESS THE LOAN IS IN AN ORIGINAL AMOUNT OR VALUE WHICH
DOES NOT EXCEED $3,500.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
introductory language to Art. 11, §196(a). It
is added to express clearly the scope of this
subtitle and to avoid the present, but
unnecessary, repetition of the $3,500 —
limitation for loans made under its authority.

The phrase "amount or value" is substituted
for "amount of value" for purposes of clarity;
this conforms to the similar usage contained
elsewhere in the present law — e.g., present
Art. 11, §193.

(B)       LOAN MADE BY LENDER ALSO AUTHORIZED TO MAKE
SMALL LOANS.

ANY LOAN MADE TO ANY ONE BORROWER BY A LENDER WHO IS
ALSO AUTHORIZED BY LAW TO MAKE SHALL LOANS UNDER SUBTITLE
2 OF THIS TITLE SHALL BE MADE AND GOVERNED ENTIRELY
EITHER BY THIS SUBTITLE OR BY SUBTITLE 2 OF THIS TITLE.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
second clause of Art. 11, §196 (b)(2).

With respect to the use of the ten "lender"
in substitution for "licensee," see revisor's
note to §12-301(c) .

(C)   PURCHASE OR ASSIGNMENT OF WAGES CONSIDERED A
LOAN.

(1)    THE PURPOSE OF THIS SUBSECTION IS TO
PREVENT EVASION OF THE PROVISIONS OF THIS SUBTITLE BY
MEANS OF A PURCHASE OR ASSIGNMENT OF WAGES.

(2)   FOR THE PURPOSES OF THIS SUBTITLE:

(i) THE PAYMENT OF $3,500 OR LESS IN MONEY,
CREDIT, GOODS, OR THINGS IN ACTION AS CONSIDERATION FOR
ANY SALE, ASSIGNMENT, OR ORDER FOR THE PAYMENT OF WAGES,
WHETHER EARNED OR TO BE EARNED, IS CONSIDERED A LOAN OF
MONEY SECURED BY THE SALE, ASSIGNMENT, OR ORDER FOR