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2837
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MARVIN MANDEL, Governor
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each offense to a fine not exceeding [$500] $5,000 or
imprisonment not exceeding [6 months] 3 YEARS or both.
15.
AS TO ANY LOAN OR ADVANCE OF MONEY OR CREDIT IN THE
AMOUNT OF $7,500 OR LESS, WHETHER OR NOT THE LOAN
OR ADVANCE IS OR PURPORTS TO BE MALE UNDER THIS ARTICLE:
(1) THE LOAN OR ADVANCE IS UNENFORCEABLE IF ANY
CHARGE FOR INTEREST, COMPENSATION, DISCOUNT, EXPENSE, OR
OTHER CONSIDERATION GREATER IN THE AGGREGATE THAN THAT
AUTHORIZED BY THE LAWS OF THIS STATE, IS CONTRACTED FOR,
CHARGED, OR RECEIVED BY ANY PERSON NOT LICENSED UNDER
THIS ARTICLE; AND
(2) THAT PERSON MAY NOT RECEIVE OR RETAIN ANY
PRINCIPAL, INTEREST, OR OTHER COMPENSATION WITH RESPECT
TO THE LOAN OR ADVANCE.
16.
THIS ARTICLE SHALL BE INTERPRETED AND CONSTRUED TO
EFFECTUATE ITS GENERAL REMEDIAL PURPOSE.
[24.] 17.
(a) In this [subtitle] ARTICLE the following words
have the meanings indicated.
(B) "COMMISSIONER" MEANS THE COMMISSIONER OF
CONSUMER CREDIT.
(C) "LICENSE" MEANS A LICENSE ISSUED UNDER THIS
ARTICLE TO MAKE LOANS OR ADVANCES IN ACCORD WITH THIS
ARTICLE AT A SINGLE PLACE OF BUSINESS.
(D) "LICENSEE" MEANS A PERSON TO WHOM ONE OR MORE
LICENSES HAVE BEEN ISSUED.
(E) [(b)] "Person" includes an individual,
corporation, business trust, estate, trust, partnership,
association, two or more persons having a joint or common
interest, or any other legal or commercial entity.
(F) [(c)] "This article" includes Title 12, Subtitle
[2] 3 of the Commercial Law Article, the Maryland [Small]
CONSUMER Loan Law—Credit Provisions.
[25.] 18.
(a) This [subtitle] ARTICLE may be cited as the
Maryland [Small] CONSUMER Loan Law—Licensing Provisions.
(b) This [subtitle] ARTICLE and the Maryland [Small]
CONSUMER Loan Law—Credit Provisions may be cited jointly
as the Maryland [Small] CONSUMER Loan Law.
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