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§ 12-1004. Variable rates

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 10. Credit Grantor Closed End Credit Provisions (Refs & Annos)
MD Code, Commercial Law, § 12-1004
§ 12-1004. Variable rates
Currentness
(a) If the agreement, note, or other evidence of the loan permits, the periodic percentage rate of interest charged and collected on the loan may, if the interest is not precomputed, vary in accordance with an index that is made readily available to and verifiable by the borrower and is beyond the control of the credit grantor.
(b) The periodic percentage rate, as varied, may be made applicable to any outstanding indebtedness on the loan on and after the effective date of the variation.
(c) This section does not limit the authority of a credit grantor to charge and collect interest on a loan in the manner and at the rate authorized in any other section of this subtitle.
(d) The periodic percentage rate, as varied, may not exceed the maximum rate permitted pursuant to § 12-1003(a) of this subtitle.

Credits

Added by Acts 1983, c. 143, § 1, eff. July 1, 1983. Amended by Acts 1984, c. 255.
MD Code, Commercial Law, § 12-1004, MD COML § 12-1004
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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