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§ 12-101.1. Election of governing subtitle

West's Annotated Code of MarylandCommercial LawEffective: January 1, 2019

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 1. Interest and Usury (Refs & Annos)
Effective: January 1, 2019
MD Code, Commercial Law, § 12-101.1
§ 12-101.1. Election of governing subtitle
(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.

Credits

Added by Acts 2018, c. 732, § 2, eff. Jan. 1, 2019; Acts 2018, c. 790, § 1, eff. Jan. 1, 2019.
MD Code, Commercial Law, § 12-101.1, MD COML § 12-101.1
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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