Section 12-114 - Penalties(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(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.Amended by 2018 Md. Laws, Ch. 790,Sec. 1, eff. 1/1/2019.Amended by 2018 Md. Laws, Ch. 732,Sec. 2, eff. 1/1/2019.