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Ch. 693
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2830
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LAWS OF MARYLAND
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THE STATE.
(B) (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, A LOAN MADE IN THE AMOUNT OF $7,500 $6,000 OR
LESS, WHETHER OR NOT THE LOAN IS OR PURPORTS TO BE MADE
UNDER THIS SUBTITLE, IS UNENFORCEABLE IF A RATE OF
INTEREST, CHARGE, DISCOUNT, OR OTHER CONSIDERATION
GREATER THAN THAT AUTHORIZED BY THE LAWS OF THIS STATE IS
CONTRACTED FOR BY ANY PERSON.
(2) THE LOAN IS NOT UNENFORCEABLE ENFORCEABLE IF THE
EXCESS RATE CONTRACTED FOR IS THE RESULT OF A CLERICAL
ERROR OR MISTAKE AND THE PERSON CORRECTS THE ERROR OR
MISTAKE BEFORE ANY CONSIDERATION PAYMENT IS RECEIVED
UNDER THE LOAN.
(C) THIS SECTION DOES NOT APPLY TO A LOAN
TRANSACTION VALIDLY MADE IN ANOTHER STATE IN COMPLIANCE
WITH SIMILAR LOAN LEGISLATION ENACTED BY ANOTHER THAT
STATE. HOWEVER, A LENDER MAY NOT COLLECT AN AMOUNT
EXCEEDING THE TOTAL AMOUNT THAT WOULD BE PERMITTED IF
THIS SUBTITLE WERE APPLICABLE. THIS SECTION DOES APPLY TO
ALL LOANS MADE BY A LENDER DOMICILED IN ANOTHER STATE TO
A BORROWER WHO IS A MARYLAND RESIDENT AND THE APPLICATION
FOR THE LOAN ORIGINATED IN MARYLAND.
SECTION 4. AND BE IT FURTHER ENACTED, That Sections
163 through 195, inclusive, 202, 203, 204, and 206 of
Article 11 - Banks and Trust Companies, of the Annotated
Code of Maryland (1976 Replacement Volume and 1976
Supplement) and the subtitle "Consumer Loans - Licensing
Provisions" be and they are hereby repealed.
SECTION 5. AND BE IT FURTHER ENACTED, That Article
58A - Small Loans - Licensing Provisions, of the
Annotated Code of Maryland (1972 Replacement Volume and
1976 Supplement) be and it is hereby repealed and
reenacted, with amendments, in its entirety, to read as
follows:
Article 58A - [Small] CONSUMER loans - Licensing
Provisions
1.
(A) No person[, copartnership, association or
corporation, shall] MAY make any loan of money, credit,
goods, or things in action and charge, contract for, or
receive any interest, charges, discounts, or other
consideration,] authorized by this article, or [shall]
in any OTHER manner utilize any advantage provided by the
provisions of this article, without first having obtained
a license from the [Administrator of Loan Laws]
COMMISSIONER OF CONSUMER CREDIT. No bank, savings bank,
trust company, credit union, savings and loan
association, or building and loan association [shall be]
IS permitted to be licensed under this article. Nothing
in this article [shall] MAY be construed as a restriction
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