{"data":{"id":"us-md/md.-code-commercial-law-12-114","jurisdiction":"us-md","citation":"Md. Code, Commercial Law § 12–114","heading":"","body":"(a) This section does not apply to a loan subject to § 12–114.1 of this subtitle.\n(b) (1) Any person who violates the usury provisions of this subtitle shall forfeit to the borrower the greater of:\n(i) Three times the amount of interest and charges collected in excess of the interest and charges authorized by this subtitle; or\n(ii) The sum of $500.\n(2) A claim or plea of usury is not valid if, within 30 days from the date the loan contract was executed, the lender:\n(i) Notifies the borrower and any other party to the loan contract that the loan was usurious; and\n(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.\n(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.\n(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.","path":["Article - Commercial Law"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcl\u0026section=12-114","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:33Z","sha256":"11ebf0a05f9bbcb0027cdc689dd473f5e6ea8fb4a92e86aaa8d3ded6cee07919","source_id":"us-md","stale":false,"prev":"us-md/md.-code-commercial-law-12-113","next":"us-md/md.-code-commercial-law-12-114.1"},"notice":"GroundRules: Original legal text. Not legal advice."}