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3350
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Ch. 866
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LAWS OF MARYLAND
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BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 12-103(a)
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(a) 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1976 Supplement) be and it is hereby repealed and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
12-103.
(a) A EXCEPT AS PROVIDED IN SUBSECTIONS (E), (C),
(D), AND (E) OF THIS SECTION, (1) A lender may charge
interest at an effective rate of simple interest not in
excess of [8] 10 8 percent per annum on the unpaid
principal balance of a loan if there is a written
agreement signed by the borrower which sets forth the
stated rate of interest charged by the lender.
(2) IF A LOAN MADE UNDER PARAGRAPH (1) OF
THIS SUBSECTION IS SECURED BY THE PLEDGE OF COLLATERAL
WHICH IS A CERTIFICATE OF DEPOSIT HELD BY THE BORROWER,
THE LENDER MAY CHARGE INTEREST AT A RATE EQUAL TO AT
LEAST 2 PERCENT IN EXCESS OF THE RATE OF INTEREST PAYABLE
ON THE CERTIFICATE OF DEPOSIT. HOWEVER, IN NO EVENT MAY
THIS RATE OF INTEREST EXCEED 10 PERCENT.
(3) IF A LOAN MADE UNDER PARAGRAPH (1) OF
THIS SUBSECTION IS SECURED BY THE PLEDGE OF COLLATERAL
WHICH IS OTHER THAN A SAVINGS ACCOUNT OR IF SUCH LOAN IS
UNSECURED, THE LENDER MAY CHARGE A RATE OF INTEREST NOT
IN EXCESS OF 10 PERCENT.
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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 867
(Senate Bill 48)
AN ACT concerning
Baltimore County Property Tax Credits
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