In this section the following words have the meanings indicated. “Covered loan” means a loan subject to § 12–103(a)(3) or (c) of this subtitle, made for personal, family, or household purposes, regardless of whether the loan is or purports to be made under this subtitle. “Covered loan” does not include: A loan or an advance of money or credit subject to Subtitle 3 of this title, unless a written election is made under § 12–101.1 of this subtitle; A plan or loan for which a written election has been made under Subtitle 3, Subtitle 4, Subtitle 9, or Subtitle 10 of this title; or An installment sale agreement as defined in § 12–601 of this title. “Unlicensed person” means a person who is not: Licensed in the State to make a covered loan; and Exempt from licensing in the State. This section applies to a covered loan made to any person. An unlicensed person may not make a covered loan. A person may not make a covered loan if the person directly or indirectly contracts for, charges, or receives a rate of interest, charge, discount, or other consideration that is greater than the amount authorized under State law. A person may not make a covered loan that violates the federal Military Lending Act. A covered loan made by an unlicensed person is void and unenforceable. Except as provided in subparagraph (ii) of this paragraph, a covered loan is void and unenforceable if a person contracts for a covered loan that has a rate of interest, charge, discount, or other consideration greater than the amount authorized under State law. A covered loan is not void and unenforceable if: A clerical error or mistake resulted in the rate of interest, charge, discount, or other consideration being greater than the amount authorized under State law; and A person corrects the error or mistake before the first payment is due under the loan. A covered loan that violates the federal Military Lending Act is void and unenforceable. With respect to a loan that is void and unenforceable under this section, a person may not: Collect or attempt to collect, directly or indirectly, any amount from the borrower; Enforce or attempt to enforce the contract against any property securing the loan; or Sell, assign, or otherwise transfer the loan to another person.