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§ 12-104. Permitted methods of calculation

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 1. Interest and Usury (Refs & Annos)
MD Code, Commercial Law, § 12-104
§ 12-104. Permitted methods of calculation
Currentness
Interest at a rate otherwise allowed by this subtitle is not usurious solely because of any one or more of the following:
(1) For a period of less than one year, interest is calculated on the premise that there are 360 days in the year and 30 days in each month, which may include the date of the loan and the date due or paid;
(2) Interest on a periodic payment of principal is computed to the due date; or
(3) Except for installment loans made under § 12-103(c) of this subtitle:
(i) Interest-drop calculations are made on sums not in excess of multiples of $100, without regard to interim partial payments; or
(ii) Interest-drop calculations are made on periods not in excess of one year, without regard to interim partial payments.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 1976, c. 388.
Formerly Art. 49, § 4.
MD Code, Commercial Law, § 12-104, MD COML § 12-104
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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