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2820
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Ch. 693
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LAWS OF MARYLAND
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Sections 12-301(e), 12-303, 12-305 through 12-308,
inclusive, 12-310(b) 12-310(b) and 12-311 through
12-316, inclusive, of Article - Commercial Law, of the
Annotated Code of Maryland (1975 Volume and 1976
Supplement) be and they are hereby repealed and
reenacted, with amendments, to read as follows:
Article - Commercial Law
12-301.
(e) "Loan" means any loan OR ADVANCE of money or
[advance of] credit made under this subtitle.
12-303.
(a) 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] $7,500 $6,000.
[(b) Any loan made to any one borrower by a lender
who is also authorized by law to make small loans under
Subtitle 2 of this title shall be made and governed
entirely either by this subtitle or by Subtitle 2 of this
title.]
(B) [(c)] (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] $7,500 $6,000 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 payment of wages; and
(ii) The amount by which the wages exceeds the
consideration paid for them is considered interest or
charges on the loan from the date of the payment to the
date the wages are payable.
(3) The transaction described in this subsection is
governed by and subject to the provisions of this
subtitle.
(C) THIS SUBTITLE APPLIES BUT IS NOT LIMITED TO A
LENDER WHO:
(1) AS SECURITY FOR A LOAN, USE, OR FOREBEARANCE OF
MONEY, GOODS, OR THINGS IN ACTION OR FOR ANY LOAN, USE,
OR SALE OF CREDIT, WHETHER OR NOT THE TRANSACTION IS OR
PURPORTS TO BE MADE UNDER THIS SUBTITLE, MAKES A
PRETENDED PURCHASE OF PROPERTY FROM ANY PERSON AND
PERMITS THE OWNER OR PLEDGOR TO RETAIN POSSESSION OF THE
PROPERTY; OR
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