Maryland Personal Loan Laws and Regulations in (MD)

(last updated 05/27/2018)
MD. COMMERCIAL LAW Code Ann. § 12-306 (2015)

§ 12-306. Interest on loan

(a) Maximum interest rate permitted.

(1) Except as provided in subsections (b) and (c) of this section, a lender may charge interest on a loan at a rate not more than the rates specified in this subsection.

(2) For any loan with an original principal balance of $ 2,000 or less, the maximum interest rate is:

(i) 2.75 percent interest per month on that part of the unpaid principal balance not more than $ 500;

(ii) 2 percent interest per month on that part of the unpaid principal balance that is more than $ 500 but not more than $ 700; and

(iii) 1.25 percent interest per month on that part of the unpaid principal balance that is more than $ 700.

(3) For any loan with an original principal balance of more than $ 2,000 and not more than $ 3,500, the maximum interest rate is 1.75 percent interest per month on the unpaid principal balance of the loan.

(4) For any loan with an original principal balance of more than $ 3,500 and not more than $ 5,000, the maximum interest rate is 1.5 percent interest per month on the unpaid principal balance of the loan.

(5) For any loan with an original principal balance of more than $ 5,000, the maximum interest rate is 1.35 percent interest per month on the unpaid principal balance of the loan.
 
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Maryland, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Office of the Commissioner of Financial Regulation.
 
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Maryland. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

Maryland Personal Loan Lending Regulator (MD)

Regulating Authority
Office of the Commissioner of Financial Regulation
500 North Calvert Street
Suite 402
Baltimore, MD 21202
(410) 230-6077
www.dllr.state.md.us/finance/index.shtml

Agency for Handling Complaints
Office of the Commissioner of Financial Regulation
Consumer Services
500 North Calvert Street, Suite 402
Baltimore , MD 21202
(410) 230-6077
www.dllr.state.md.us/finance/consumers/frcomplaints.shtml

 

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