§ 12–610
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 12-610 (2026)
Title 12. Credit Regulations
Subtitle 6. Retail Installment Sales
§ 12–610LinkCopy Citation
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.