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3349
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MARVIN MANDEL, Governor
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(Senate Bill 29)
AN ACT concerning
Interest and Usury - Home Mortgages
FOR the purpose of repealing changing the tine limit on
the execution of mortgages which are subject to
the 10 percent interest ceiling.
BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 12-103(b)(1)(iv)
Annotated Code of Maryland
(1975 Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 12-103 (b)(1) (iv) of Article -
Commercial Law, of the Annotated Code of Maryland (1975
Volume and 1976 Supplement) be and it is hereby repealed
and reenacted, with amendments, to read as follows:
Article - Commercial Law
1 2-103.
(b) (1) A lender may charge interest at an
effective rate of simple interest not in excess of 10
percent per annum on the unpaid principal balance of a
loan if:
(iv) The loan is made and the mortgage
or deed of trust is executed after May 31, 1974 AND
BEFORE JUNE 2, 1980 [and before June 2, 1978];
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 26, 1977.
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CHAPTER 866
(Senate Bill 43)
AN ACT concerning
Interest and Usury - Interest Ceiling
FOR the purpose of raising the interest ceiling on
certain loans made under written agreement certain
circumstances.
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