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Maryland Code, Commercial Law § 12-114

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) This section does not apply to a loan subject to § 12-114.1 of this subtitle.

(b)(1) Any person who violates the usury provisions of this subtitle shall forfeit to the borrower the greater of:

(i) Three times the amount of interest and charges collected in excess of the interest and charges authorized by this subtitle; or

(ii) The sum of $500.

(2) A claim or plea of usury is not valid if, within 30 days from the date the loan contract was executed, the lender:

(i) Notifies the borrower and any other party to the loan contract that the loan was usurious; and

(ii) Agrees to modify it by substituting for the usurious rate of interest a legal rate of interest not exceeding the stated rate of interest.

(c) Any person who violates the disclosure provisions of § 12-106(b) and (c) of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $1,000 or imprisonment not exceeding 1 year or both.

(d) Even if a loan document is executed outside of the State, this section is applicable if the loan is made to a resident of Maryland and is secured by property located within the State.

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Cite this article: FindLaw.com - Maryland Code, Commercial Law § 12-114 - last updated December 31, 2021 | https://codes.findlaw.com/md/commercial-law/md-code-coml-sect-12-114/

Read this complete Maryland Code, Commercial Law § 12-114 on Westlaw. Westlaw subscription required.

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