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MARVIN MANDEL, Governor 2829
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respect to the loan.
(2) THE LOAN CONTRACT IS NOT VOID IF THE EXCESS
AMOUNT IS THE RESULT OF A CLERICAL ERROR OR MISTAKE AND
THE LICENSEE CORRECTS THE ERROR OR MISTAKE:
(I) BEFORE THE BORROWER MAKES THE NEXT PAYMENT ON
THE LOAN; OR
(II) AFTER THE BORROWER MAKES THE NEXT PAYMENT ON
THE LOAN, IN WHICH EVENT, HOWEVER, THE LICENSEE IS LIABLE
TO THE BORROWER FOR AN AMOUNT EQUAL TO THREE TIMES THE
EXCESS AMOUNT.
[12-314] 12-315.
This subtitle shall be interpreted and construed to
effectuate its general remedial purpose.
[12-315] 12-316.
[Except for an accidental or bona fide error of
computation, any lender who contracts for, charges, or
receives any amount in excess of the charges permitted by
this subtitle and any member, officer, director,
employee, or agent of the licensee who knowingly and
willfully participates in the violation is guilty of a
misdemeanor and on conviction is subject to a fine not
exceeding $500 or imprisonment not exceeding six months
or both.]
ANY LICENSEE OR HIS OFFICER OR EMPLOYEE WHO
KNOWINGLY VIOLATES ANY PROVISION OF §§ 12-303 THROUGH
12-306, 12-308, 12-311, 12-313, OR 12-314 OF THIS
SUBTITLE IS GUILTY OF A MISDEMEANOR AND ON CONVICTION IS
SUBJECT TO A FINE NOT EXCEEDING $500 OR IMPRISONMENT NOT
EXCEEDING 6 MONTHS OR BOTH.
[12-316] 12-317.
(a) This subtitle may be cited as the Maryland
Consumer Loan Law—Credit Provisions.
(b) This subtitle and the Maryland Consumer Loan
Law—Licensing Provisions may be cited jointly as the
Maryland Consumer Loan Law.
SECTION 3. AND BE IT FURTHER ENACTED, That new
Section 12—314 be and it is hereby added to Article —
Commercial Law, of the Annotated Code of Maryland (1975
Volume and 1976 Supplement), to read as follows:
12-314.
(A) A PERSON MAY NOT LEND $7,500 $6,000 OR LESS IF
HE DIRECTLY OR INDIRECTLY CONTRACTS FOR, CHARGES, OR
RECEIVES A GREATER RATE OF INTEREST, CHARGE, DISCOUNT, OR
OTHER CONSIDERATION THAN THAT AUTHORIZED BY THE LAWS OF
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