Section 12-610 - Consumer goods - Maximum finance charge. - Maryland Statutes

§ 12-610. Consumer goods - Maximum finance charge.
 

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. 
 

[An. Code 1957, art. 83, § 132A; 1975, ch. 49, § 3; 1980, ch. 386; 1982, ch. 753; 1985, ch. 150; 2005, ch. 25, § 13.]