1880

LAWS OF MARYLAND

Ch. 681

PROMISE TO PAY, OR SECURITY INSTRUMENT WHICH DOES NOT
STATE;

(A)    THE PRINCIPAL AMOUNT OF THE
LOAN;

(B)    A SCHEDULE OF PAYMENTS OR A
DESCRIPTION OF THE SCHEDULE; AND

(C)    THE AGREED AMOUNT OR RATE OF
INTEREST, CHARGES, AND FEES TO BE CHARGED;

(VII)  THE LOAN IS NOT SECURED BY REAL
PROPERTY;

(VIII)       THE LOAN IS NOT SECURED BY
PERSONAL PROPERTY FOR ANY LOAN UNDER $700 IN VALUE OR
AMOUNT; AND

(IX)   THE LOAN IS NOT FULLY SECURED BY
INVESTMENT SECURITIES OR SAVINGS ACCOUNTS.

[(2)] (3) If interest on a loan made under
this subsection is precomputed, and if the effective rate
of simple interest required to be disclosed under §
12-106 of this subtitle is exceeded by reason of a
prepayment of the loan, the lender shall refund the
excess to the borrower or credit it to any unpaid
principal balance owed by him.

[(3)] (4) A lender who makes a loan under
this subsection is subject to the licensing provisions of
Article 49, § 5(b) of the Code.

SECTION 2. AND BE IT   FURTHER ENACTED, That this Act

shall take effect July 1,   1976, and its provisions shall

apply only to loans which     are made on or after the
effective date.

Approved May 17, 1976.

CHAPTER 6 82
(House Bill 784)
AN ACT concerning

[[Public Safety]]

Maryland Fire—Rescue Education and Training Commission

FOR the purpose of creating the Maryland Fire—Rescue
Education and Training Commission; defining certain