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1580 LAWS OF MARYLAND Ch. 513
penalty under the interest and usury laws; providing that
this section does not affect a certain rebuttable
presumption; and generally relating to the terms and
conditions of certain loans.
BY repealing and reenacting, with amendments
Article - Commercial Law
Section 12-103(e) and 12-106.1
Annotated Code of Maryland
(1975 Volume and 1982 Supplement)
BY adding to
Article - Commercial Law
Section 12-401(i)(3) and 12-407.1
Annotated Code of Maryland
(1975 Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Commercial Law
12-103.
(e) (1) A lender may charge interest at any rate if the
loan is:
[(1)] (I) A loan made to a corporation; or
[(2)] (II) A commercial loan in excess of $5,000.
(2) COMMERCIAL LOANS TO INDIVIDUALS SECURED BY
RESIDENTIAL REAL PROPERTY SHALL COMPLY WITH THE PROVISIONS OF §
12-407.1 OF THE COMMERCIAL LAW ARTICLE.
12-106.1.
(a) A person may not require a borrower, as a condition to
receiving a loan, to make any false or misleading statement or
characterization that a loan is a commercial loan under §§
12-101(c), 12-103(e), [or] 12-105, OR 12-401(I)(3) of this
subtitle if the loan is not a commercial loan.
(b) (1) [Any] EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, ANY person who willfully requires a borrower to make
a false or misleading statement in violation of subsection (a),
or who will fully procures such statement, knowing that it is
false or misleading, shall forfeit to the borrower three times
the amount of_interest and charges contracted_for or collected in
excess of that permitted by law, in addition to any other penalty
otherwise provided in this title.
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