HARRY HUGHES, Governor

1965

agreement provides otherwise; defining a term; and generally
relating to the interest rates on money judgments arising
from a contract for the loan of money.

BY repealing and reenacting, with amendments,

Article - Courts and Judicial Proceedings

Section 11-106

Annotated Code of Maryland

(1984 Replacement Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Courts and Judicial Proceedings

11-106.

(A)  A money judgment entered in an action arising from a
contract for the loan of money shall carry interest at the rate
charged in the contract on any balance remaining unpaid until the
date of maturity of the contract as originally scheduled.
However, the rate of interest shall be on the unpaid principal of
the money borrowed. The provisions of this section do not apply
to any loan secured by a mortgage or deed of trust. THE
PROVISIONS OF THIS SECTION DO NOT APPLY WHEN THE CONTRACTUAL RATE
OF INTEREST FOR A STUDENT LOAN OF MONEY IS LESS THAN THE
PREVAILING LEGAL RATE OF INTEREST ALLOWABLE ON THE JUDGMENT, AS
SET FORTH IN § 11-107 OF THIS ARTICLE, UNLESS THE AGREEMENT FOR
THE LOAN OF MONEY EXPRESSLY PROVIDES OTHERWISE.

(B)  IN THIS SECTION "STUDENT LOAN" MEANS ANY LOAN OR
ADVANCE OF FUNDS, MONEY, OR CREDIT TO AN INDIVIDUAL BY AN
INSTITUTION OF HIGHER LEARNING OR A LENDER TO DEFRAY, IN PART OR
IN FULL, EDUCATIONAL OR EDUCATIONAL RELATED EXPENSES. IT
INCLUDES NATIONAL DEFENSE, NATIONAL DIRECT, HEALTH PROFESSIONAL,
AND NURSING STUDENT LOANS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 21, 1985.

CHAPTER 222
(Senate Bill 654)
AN ACT concerning

Personal Property Tax Assessments