Md. Code, Com. § 12-402.1

Current with changes from the 2024 Legislative Session
Section 12-402.1 - Applicable provisions governing loans
(a)
(1) 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.
(2) In order to make a loan under this subtitle, a lender shall make a written election in the agreement, note, or other evidence of the loan specifying that this subtitle will govern the loan.
(b)
(1) If a lender elects to make a loan under this subtitle in accordance with this section, Subtitles 1, 3, 9, and 10 of this title do not apply to the loan.
(2) If a lender who makes or contracts to make a loan does not make a written election under this subtitle or Subtitle 1, Subtitle 3, Subtitle 9, or Subtitle 10 of this title:
(i) Subtitle 1 of this title will apply to the loan if the loan is:
1. For an amount over $25,000; or
2.
A. For an amount of $25,000 or less; and
B. Not subject to Subtitle 3 of this title; or
(ii) Subtitle 3 of this title will apply to the loan if the loan is:
1. For an amount of $25,000 or less; and
2. Subject to Subtitle 3 of this title.

Md. Code, CL § 12-402.1

Amended by 2018 Md. Laws, Ch. 790,Sec. 1, eff. 1/1/2019.
Added by 2018 Md. Laws, Ch. 732,Sec. 2, eff. 1/1/2019.