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LAWS OF MARYLAND

Ch. 33

The distinctions between the types of businesses
regulated by this title may not be apparent immediately to
the reader. Subtitle 2 of this title — the "Maryland
Consumer Loan Law—Licensing Provisions" — regulates
persons who make certain loans in amounts of $6,000 or less.
tinder Title 12, Subtitle 3 of the Commercial Law Article —
the "Maryland Consumer Loan Law—Credit Provisions" — these
persons may charge higher rates of interest than those that
are allowed under the general usury statute, CL §12-101 et
seq., but they are subject to strict disclosure and other
requirements. Persons licensed under Subtitle 2 of this
title also may make unsecured installment loans under CL
§12—103(c) . There is no limit on the amount of a loan under
CL §12-103 (c); the permissible rate of interest is not as
high as that under the Maryland Consumer Loan Law—Credit
Provisions, but the disclosure and other requirements are
less rigorous. Persons licensed under Subtitle 3 of this
title — "Installment Loans—Licensing Provisions" — may
make loans only under CL §12-103(c). Subtitle 4 of this
title, "Sales Finance Companies — Licensing Provisions",
regulates persons engaged in the business, not of making
loans, but of acquiring certain types of commercial paper.

SUBTITLE 2. CONSUMER LOANS — LICENSING PROVISIONS.

11-201. DEFINITIONS.

(A)       IN GENERAL.

IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

REVISOR'S NOTE: This subsection presently appears as
Art. 58A, § 17(a).

The only changes are in style.

See also § 1-101 of this article for other
applicable definitions.

(B)   COMMISSIONER.

"COMMISSIONER" MEANS THE COMMISSIONER OF CONSUMER
CREDIT.

REVISOR'S NOTE: This subsection presently appears as
Art. 58A, § 17(b).

No changes are made.

(C)       LICENSE.

"LICENSE" MEANS A LICENSE ISSUED BY THE COMMISSIONER
UNDER THIS SUBTITLE TO MAKE LOANS UNDER THE MARYLAND
CONSUMER LOAN LAW.