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MARVIN MANDEL, Governor 2823
COURSE OF BUSINESS, HE MAY NOT ADD TO THE PRINCIPAL
BALANCE OR DEDUCT FROM THE PROCEEDS OF THE NEW LOAN MORE
THAN 60 DAYS' INTEREST THEN DUE.
(D) (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.
(2) FOR EACH DAY ON WHICH AN UNPAID PRINCIPAL
BALANCE IS OUTSTANDING, THE LENDER MAY CHARGE ON THAT
UNPAID BALANCE 1/30TH OF THE INTEREST PERMITTED UNDER
THIS SUBTITLE TO BE CHARGED FOR 1 MONTH.
(3) FOR PURPOSES OF THIS SECTION, EACH OF THE 12
CALENDAR MONTHS IN THE YEAR SHALL BE TREATED AS HAVING 30
DAYS, AS FOLLOWS:
(I) THE LAST DAY OF EACH MONTH WHICH HAS 31 DAYS
SHALL BE OMITTED; AND
(II) THE NECESSARY NUMBER OF DAYS SHALL BE AIDED AT
THE 2ND OF FEBRUARY TO MAKE 30 DAYS.
(E) THE MAXIMUM TERM OF ANY LOAN MADE UNDER THIS
SUBTITLE MAY NOT EXCEED:
(1) FOR ANY LOAN WITH AN ORIGINAL PRINCIPAL BALANCE
OF $700 OR LESS, 30 MONTHS AND 15 DAYS;
(2) FOR ANY LOAN WITH AN ORIGINAL PRINCIPAL BALANCE
OF MORE THAN $700 BUT LESS THAN $2,000, 36 MONTHS AND 15
DAYS; AND
(3) FOR ANY LOAN WITH AN ORIGINAL PRINCIPAL BALANCE
OF $2,000 OR MORE, 72 MONTHS AND 15 DAYS.
12-307.
[A] AT THE TIME A LOAN IS MADE, A lender may collect
from the borrower:
(1) The fees paid to a public official or
governmental agency for recording or satisfying a
[judgment,] mortgage, encumbrance, or lien on any
property securing [a] THE loan; and
(2) The title insurance premiums or reasonable
attorney's fees paid for searching and insuring the title
to any real property securing [a] THE loan.
12-308.
(a) (1) At the time a loan is made, the lender shall
deliver to the borrower a statement in the English
language which:
(i) Quotes §§ [12-303 (a) and (b),] 12-306, 12-307,
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