MARVIN MANDEL, Governor

433

Maryland Small Loan Law at a time when it did
not expressly prevent a lender from

"retaining" money. See, also, Fisher v.
Bethesda Discount Corp., 221 Md. 271 (1960);
and Beneficial Finance Co. v. Administrator,
260 Md. 430 (1971). However, the absence of
the word has caused the Attorney General to
rule that the then Bank Commissioner lacked
the authority to administratively order a
licensee to return money so collected. 51 Op.
Att'y Gen. 26 (1969), Since small loans and
consumer loans are now under the jurisdiction
of the same office, there would appear to be
no reason extant to maintain the distinction.

Reference to a loan "of $3,500 or less" is
deleted as unnecessary in light of the
provisions of §12—303(a) and the definition of
"loan" in §12-301.

The only other changes are in style.

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

12-314. INTERPRETATION AND CONSTRUCTION OF SUBTITLE.

THIS SUBTITLE SHALL BE INTERPRETED AND CONSTRUED TO
EFFECTUATE ITS GENERAL REMEDIAL PURPOSE.

REVISOR'S NOTE: This section is new language derived
from Art. 11, §163.

It is added for purposes of emphasis and to
conform to the similar provisions contained in
§12—212 with respect to small loans.

12-315. PENALTY.

EXCEPT FOR AN ACCIDENTAL OR BONA FIDE ERROR OF
COMPUTATION, ANY LENDER WHO CONTRACTS FOR, CHARGES, OR
RECEIVES ANY AMOUNT IN EXCESS OF THE CHARGES PERMITTED BY
THIS SUBTITLE AND ANY MEMBER, OFFICER, DIRECTOR,
EMPLOYEE, OR AGENT OF THE LICENSEE WHO KNOWINGLY AND
WILLFULLY PARTICIPATES IN THE VIOLATION IS GUILTY OF A
MISDEMEANOR AND ON CONVICTION IS SUBJECT TO A FINE NOT
EXCEEDING $500 OR IMPRISONMENT NOT EXCEEDING SIX MONTHS
OR BOTH.

REVISOR'S NOTE: This section is new language derived
without substantive change from the last
clause of Art. 11, §196(c).