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MARVIN MANDEL, Governor 2821
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(2) BY ANY DEVICE OR PRETENSE OF CHARGING FOR HIS
SERVICES OR OTHERWISE, SEEKS TO OBTAIN ANY INTEREST,
CHARGES, DISCOUNT, OR LIKE CONSIDERATION.
(d) (1) A lender who lends or contracts to lend an
amount which exceeds [$3,500] $7,500 $6,000 may not
directly or indirectly contract for, charge, or receive
any interest, fee, or other charge in excess of that
which he would be permitted to charge if he were not
authorized to make loans under this subtitle.
(2) The provisions of this subsection apply to any
debt in excess of [$3,500] $7,500 $6,000 which is
directly or contingently owed or contracted to be so owed
by any [one] person [or by any husband and wife,] jointly
or severally:
(i) Whether as a borrower, an endorser, guarantor,
or surety for a borrower, or otherwise; and
(ii) Whether the debt is part of a single
transaction or the aggregate of more than one
transaction.
12-305.
(A) In granting or denying an application for a
loan, a licensee may not discriminate against any loan
applicant only on the basis of race, color, creed,
national origin, sex, marital status, or [solely on the
basis of] age.
(B) (1) A LICENSEE IS NOT IN VIOLATION OF THIS
SECTION IF THE LICENSEE IS IN COMPLIANCE WITH THE FEDERAL
EQUAL CREDIT OPPORTUNITY ACT AND THE REGULATIONS ADOPTED
UNDER THAT ACT.
(2) Denying an application for a loan by an
applicant who is [under the age of 18] A MINOR is not
discrimination [solely] on the basis of age.
12-306.
( (a) A lender may charge interest on a loan at a
rate not exceeding:
(1) 18 percent simple interest per annum on the
unpaid principal balance of the loan; and
(2) For each full month, a maximum monthly interest
rate not exceeding one twelfth of the annual interest
rate.
(b) (1) The lender shall compute interest on the
actual unpaid principal balances outstanding from time to
time, and he may not contract for, charge, or receive
interest in advance or compounded interest.
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