(a) On or after January 1, 2019, a lender may, at the lender’s option, elect to make a loan to any borrower either under this subtitle or as otherwise authorized by applicable law.
(b) If a lender makes a written election in the agreement, note, or other evidence of the loan specifying that this subtitle will govern the loan, Subtitles 3, 4, 5, 6, 9, and 10 of this title do not apply to the loan.
(c) If a lender that makes or contracts to make a loan does not make a written election under this subtitle or Subtitle 3, Subtitle 4, Subtitle 9, or Subtitle 10 of this title, this subtitle still applies to the loan if the loan is:
(1) For an amount over $25,000; or
(2) (i) For an amount of $25,000 or less; and
(ii) Not subject to Subtitle 3 of this title.
Structure Maryland Statutes
Subtitle 1 - Interest and Usury
Section 12-101.1 - Applicable Provisions Governing Loans
Section 12-102 - General Legal Rate of Interest
Section 12-103 - Other Permitted Rates of Interest; Licensing Requirements
Section 12-104 - Interest Not Considered Usurious
Section 12-105 - Charges Not Considered Interest
Section 12-106 - Statements to Be Furnished by Lender
Section 12-106.1 - Requiring False Statement That Loan Is Commercial Loan
Section 12-107 - Computing Interest Rate if Charge Assessed at Inception of Loan
Section 12-108 - Points Prohibited; Exceptions; Charges Which Lenders May Impose
Section 12-109 - Interest on Escrow Accounts; Statement of Balance
Section 12-109.1 - Use of Escrow Account Funds for Certain Purposes Prohibited
Section 12-109.2 - Management of Escrow Accounts; Lender's Bankruptcy; Fees and Charges
Section 12-110 - Effect of Assignment on Usurious Loan or Contract
Section 12-111 - Limitation of Actions
Section 12-112 - Usury Not Available Against Bona Fide Assignee
Section 12-113 - Discrimination Prohibited
Section 12-114.1 - Covered Loan Prohibitions
Section 12-115 - Repossession of Goods Securing Loan
Section 12-116 - Refinancing of Loan at Higher Rate
Section 12-117 - Compliance With 14-1302
Section 12-118 - Change in Rate of Interest or Finance Charge During Term of Obligation
Section 12-119 - Real Property Closing Costs
Section 12-120 - When Borrower Required to Pay for Services of Lender's Attorney
Section 12-121 - Lender's Inspection Fees
Section 12-123 - Insurance Binders
Section 12-124 - Property Insurance Coverage
Section 12-124.1 - Homeowner Equity Protection
Section 12-125 - Financing Agreements
Section 12-126 - Prepayment of Outstanding Unpaid Indebtedness
Section 12-127 - Lender to Consider Homeowner's Ability to Repay Loan