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810
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Ch. 173
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LAWS OF MARYLAND
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Approved May 10, 1983.
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CHAPTER 174
(Senate Bill 900)
AN ACT concerning
Commercial Law - Credit Extensions
FOR the purpose of providing that a certain limitation on the
amount of charges that may be imposed and collected under
certain provisions relating to closed-end credit do not
apply to credit extensions secured by a first lien on
residential real property or made for a bona fide commercial
purpose.
BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 12-1005(a)
Annotated Code of Maryland
(1975 Volume and 1982 Supplement)
(As enacted by Chapter____(S.B. 591) of the Acts
of the General Assembly of 1983)
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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
12-1005.
In addition to interest at a periodic percentage rate or
rates permitted by §§ 12-1003 and 12-1004 of this subtitle, a
credit grantor may charge and collect:
(a) (1) Loan fees, points, finder's fees, and other
charges; however, all such charges may not exceed 2 percent of
the original extension of credit;
(2) In the case of a loan to a consumer borrower, no
loan fees, points, finder's fees, or other charges may be charged
and collected unless the agreement, note, or other evidence of
the loan so provides and the loan is secured by a lien on
residential real property; however, all such charges may not
exceed 2 percent of the original extension of credit;
(3) THE 2 PERCENT LIMITATIONS IMPOSED BY (A)(1) AND
(2) ABOVE DO NOT APPLY TO A CREDIT EXTENSION:
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