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§ 12-610. Maximum charge on consumer goods

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 6. Retail Installment Sales (Refs & Annos)
Part II. Installment Sales
MD Code, Commercial Law, § 12-610
§ 12-610. Maximum charge on consumer goods
Currentness
Except as provided in § 12-609 of this subtitle as to a motor vehicle, and notwithstanding the provisions of any other statutory law, in the retail sale of consumer goods bought under an installment sale agreement, including any add-on contract described in § 12-618 of this subtitle, the finance charge may not exceed the greater of:
(1) An amount computed using the following annual simple interest rates of finance charge:
(i) 22 percent on that part of the outstanding balance not exceeding $1,000; and
(ii) 18 percent on that part of the outstanding balance exceeding $1,000; or
(2) A minimum charge of $10 or, if the date of the last installment is eight months or less after the effective date of the installment sale agreement, $8.
(3) Notwithstanding the provisions of subsection (1) of this section, a seller may charge a finance charge at a rate not in excess of 24 percent per annum simple interest on the outstanding balance under an installment sale agreement made on or after July 1, 1982.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 1980, c. 386; Acts 1982, c. 753; Acts 1985, c. 150.
Formerly Art. 83, § 132A.
MD Code, Commercial Law, § 12-610, MD COML § 12-610
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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