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Ch. 143
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744
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LAWS OF MARYLAND
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EVIDENCE OF THE LOAN PROVIDES. IF THE INTEREST IS PRECOMPILED,
IT MAY BE CALCULATED ON THE ASSUMPTION THAT ALL SCHEDULED
PAYMENTS WILL BE MADE WHEN DUE.
(2) FOR PURPOSES OF THIS SECTION, A YEAR MAY BE ANY
PERIOD OF FROM 360 TO 366 DAYS, INCLUDING OR DISREGARDING THE
EFFECT OF LEAP YEAR, AS THE BANK CREDIT GRANTOR MAY DETERMINE.
(C) (1) IF AN INSTALLMENT LOAN UNDER THIS SUBTITLE MADE TO
A CONSUMER BORROWER IS SECURED BY COLLATERAL OTHER THAN A LIEN ON
RESIDENTIAL REAL PROPERTY, THE CREDIT GRANTOR MAY NOT REQUIRE A
SCHEDULE OF REPAYMENT UNDER WHICH A CONSUMER BORROWER MAY BE
REQUIRED TO PAY A BALLOON PAYMENT AT MATURITY.
(2) IF AN INSTALLMENT LOAN UNDER THIS SUBTITLE MADE
TO A CONSUMER BORROWER IS SECURED BY A SECONDARY LIEN ON
RESIDENTIAL REAL PROPERTY, THE CREDIT GRANTOR MAY REQUIRE A
SCHEDULE OF REPAYMENT PROVIDING FOR A BALLOON PAYMENT AT
MATURITY. ON REQUEST, THE CONSUMER BORROWER IS PERMITTED TO
POSTPONE PAYMENT OF THE BALLOON PAYMENT ONCE FOR A PERIOD NOT TO
EXCEED 6 MONTHS. THE BORROWER MUST CONTINUE TO MAKE INSTALLMENT
PAYMENTS IN THE AMOUNT REQUIRED PRIOR TO MATURITY DURING THE
EXTENSION PERIOD. THE CREDIT GRANTOR MAY NOT IMPOSE ANY CHARGES
OR FEES AS A RESULT OF ALLOWING AN EXTENSION PERIOD.
12-1004.
(A) IF THE AGREEMENT, NOTE, OR OTHER EVIDENCE OF THE LOAN
PERMITS, THE PERIODIC PERCENTAGE RATE OF INTEREST CHARGED AND
COLLECTED ON THE LOAN MAY, IF THE INTEREST IS NOT PRECOMPUTED,
VARY IN ACCORDANCE WITH A SCHEDULE OR FORMULA OR AT THE
DISCRETION OF THE BANK CREDIT GRANTOR AN INDEX THAT IS MADE
READILY AVAILABLE TO AND VERIFIABLE BY THE BORROWER AND IS BEYOND
THE CONTROL OF THE CREDIT GRANTOR. THE PERIODIC PERCENTAGE RATE
MAY VARY AS THE RATE DETERMINED IN ACCORDANCE WITH THE SCHEDULE
OR FORMULA VARIES OR AT THE DISCRETION OF THE BANK.
(B) THE PERIODIC PERCENTAGE RATE, AS VARIED, MAY BE MADE
APPLICABLE TO ANY OUTSTANDING INDEBTEDNESS ON THE LOAN ON AND
AFTER THE EFFECTIVE DATE OF THE VARIATION.
(C) THIS SECTION DOES NOT LIMIT THE AUTHORITY OF A BANK
CREDIT GRANTOR TO CHARGE AND COLLECT INTEREST ON A LOAN IN THE
MANNER AND AT THE RATE AUTHORIZED IN ANY OTHER SECTION OF THIS
SUBTITLE.
(D) THE PERIODIC PERCENTAGE RATE, AS VARIED, MAY NOT EXCEED
THE MAXIMUM RATE PERMITTED PURSUANT TO SUBSECTION 12-1003(A).
12-1005.
IN ADDITION TO INTEREST AT A PERIODIC PERCENTAGE RATE OR
RATES PERMITTED BY SECTIONS 12-1003 AND 12-1004 OF THIS SUBTITLE,
A BANK CREDIT GRANTOR MAY CHARGE AND COLLECT:
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