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2822
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Ch. 693
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LAWS OF MARYLAND
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(2) For the purpose of computing interest:
(i) A full month is the period from a date in a
month to the corresponding date of the next month or, if
there is no corresponding date, the last day of the next
month; and
(ii) When interest is computed for a fraction of a
month, a day is considered to be one thirtieth of a
month.
(c) If part or all of the consideration for a loan
is the unpaid principal balance of a prior loan, a lender
may include in the principal amount of the loan any
unpaid interest which has accrued on the prior loan.]
(A) (1) EXCEPT AS PROVIDED IN SUBSECTIONS (B) AND
(C) OF THIS SECTION, A LENDER MAY CHARGE INTEREST ON A
LOAN AT A RATE NOT EXCEEDING THE RATES SPECIFIED IN THIS
SUBSECTION.
(2) FOR ANY LOAN WITH AN ORIGINAL PRINCIPAL BALANCE
OF $1,200 OR LESS, THE MAXIMUM INTEREST RATE IS:
(I) 2.75 PERCENT INTEREST PER MONTH ON THAT PART OF
THE UNPAID PRINCIPAL BALANCE NOT EXCEEDING $300;
(II) 2 PERCENT INTEREST PER MONTH ON THAT PART OF
THE UNPAID PRINCIPAL BALANCE EXCEEDING $300 BUT NOT
EXCEEDING $500; AND
(III) 1 1.25 PERCENT INTEREST PER MONTH ON THAT PART
OF THE UNPAID PRINCIPAL BALANCE EXCEEDING $500.
(3) FOR ANY LOAN WITH AN ORIGINAL PRINCIPAL BALANCE
OF MORE THAN $1,200 AND NOT MORE THAN $3,500, THE MAXIMUM
INTEREST RATE IS 1.75 PERCENT INTEREST PER MONTH ON THE
UNPAID PRINCIPAL BALANCE OF THE LOAN.
(4) FOR ANY LOAN WITH AN ORIGINAL PRINCIPAL BALANCE
OF MORE THAN $3,5 00 AND NOT MORE THAN $5,000, the maximum
interest rate is 1.5 percent interest per month on the
unpaid principal balance of the loan.
(5) FOR ANY LOAN WITH AN ORIGINAL PRINCIPAL
BALANCE OF MORE THAN $5,000, THE MAXIMUM INTEREST RATE IS
1.35 PERCENT INTEREST PER MONTH ON THE UNPAID PRINCIPAL
BALANCE OF THE LOAN.
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(B) IF ANY PRINCIPAL BALANCE REMAINS UNPAID 6 MONTHS
AFTER THE LOAN MATURES AS ORIGINALLY SCHEDULED OF
DEFERRED, THE LENDER MAY NOT CONTRACT FOR, CHARGE, OR
RECEIVE INTEREST AT A RATE EXCEEDING 6 PERCENT SIMPLE
INTEREST PER ANNUM ON THE ACTUAL UNPAID PRINCIPAL
BALANCES FROM TIME TO TIME.
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(C) IF THE LENDER REFINANCES A LOAN IN THE ORDINARY
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