Maryland § 12-114
Full text of Maryland Maryland Code § 12-114, with citation guidance and answers to common questions.
§ 12-114.
(a) This section does not apply to a loan subject to § 12–114.1 of this subtitle.
(b) (1) Any person who violates the usury provisions of this subtitle shall forfeit to the borrower the greater of:
(i) Three times the amount of interest and charges collected in excess of the interest and charges authorized by this subtitle; or
(ii) The sum of $500.
(2) A claim or plea of usury is not valid if, within 30 days from the date the loan contract was executed, the lender:
(i) Notifies the borrower and any other party to the loan contract that the loan was usurious; and
(ii) Agrees to modify it by substituting for the usurious rate of interest a legal rate of interest not exceeding the stated rate of interest.
(c) Any person who violates the disclosure provisions of § 12–106(b) and (c) of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $1,000 or imprisonment not exceeding 1 year or both.
(d) Even if a loan document is executed outside of the State, this section is applicable if the loan is made to a resident of Maryland and is secured by property located within the State.
Frequently Asked Questions About Maryland § 12-114
What does Maryland Code § 12-114 cover?
Section 12-114 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-114?
A common citation format is "Maryland Code § 12-114" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-114 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.