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§ 12-623. Delinquency charges; attorney's fees; costs

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, § 12-623
§ 12-623. Delinquency charges; attorney's fees; costs
Currentness
(a) If an agreement on which the finance charge is computed in advance so provides, the holder of the agreement may collect a delinquency or collection charge of the lesser of $10 or 5 percent of the amount of any payment in default, if the default has continued for at least 10 days.
(b)(1) In addition to the delinquency or collection charge, the agreement may provide for the payment of:
(i) Attorney's fees not exceeding 15 percent of the amount due and payable under the agreement; and
(ii) Court costs.
(2) Attorney's fees may be collected only if the agreement is referred for collection to an attorney who is not a salaried employee of the holder.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 1980, c. 386; Acts 1983, c. 210.
Formerly Art. 83, § 145.
MD Code, Commercial Law, § 12-623, MD COML § 12-623
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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