Maryland § 12-623
Full text of Maryland Maryland Code § 12-623, with citation guidance and answers to common questions.
§ 12-623.
(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.
Frequently Asked Questions About Maryland § 12-623
What does Maryland Code § 12-623 cover?
Section 12-623 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 § 12-623?
A common citation format is "Maryland Code § 12-623" (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 § 12-623 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.