{"data":{"id":"us-md/md.-code-commercial-law-12-402.1","jurisdiction":"us-md","citation":"Md. Code, Commercial Law § 12–402.1","heading":"","body":"(a) (1) On or after January 1, 2019, a lender may, at the lender’s option, elect to make a loan to any borrower either under this subtitle or as otherwise authorized by applicable law.\n(2) In order to make a loan under this subtitle, a lender shall make a written election in the agreement, note, or other evidence of the loan specifying that this subtitle will govern the loan.\n(b) (1) If a lender elects to make a loan under this subtitle in accordance with this section, Subtitles 1, 3, 9, and 10 of this title do not apply to the loan.\n(2) If a lender who makes or contracts to make a loan does not make a written election under this subtitle or Subtitle 1, Subtitle 3, Subtitle 9, or Subtitle 10 of this title:\n(i) Subtitle 1 of this title will apply to the loan if the loan is:\n1. For an amount over $25,000; or\n2. A. For an amount of $25,000 or less; and\nB. Not subject to Subtitle 3 of this title; or\n(ii) Subtitle 3 of this title will apply to the loan if the loan is:\n1. For an amount of $25,000 or less; and\n2. Subject to Subtitle 3 of this title.","path":["Article - Commercial Law"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcl\u0026section=12-402.1","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:33Z","sha256":"23128f15cbc5a6f944bd5f2714ae3d143189432577be42ff0553d22951372792","source_id":"us-md","stale":false,"prev":"us-md/md.-code-commercial-law-12-402","next":"us-md/md.-code-commercial-law-12-403"},"notice":"GroundRules: Original legal text. Not legal advice."}