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Session Laws, 1969
Volume 692, Page 4   View pdf image
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4                                 LAWS OF MARYLAND                         [CH. 2

Sec. 2. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate preser-
vation of the public health and safety and having been passed by
a yea and nay vote supported by three-fifths of all the members
elected to each of the two houses of the General Assembly, the same
shall take effect from the date of its passage.

Approved February 11, 1969.

CHAPTER 2
(House Bill 21)

AN ACT to repeal and re-enact with amendments Section 2 (a) of
Article 49 of the Annotated Code of Maryland (1968 Replacement
Volume and 1968 Supplement), title "Interest and Usury," to
repeal the 7% maximum interest rate necessary to qualify loans
guaranteed by the Federal government for the exemption from the
charging of "points" prohibition of the interest and usury laws.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 2 (a) of Article 49 of the Annotated Code of Maryland
(1968 Replacement Volume and 1968 Supplement), title "Interest
and Usury," be and it is hereby repealed and re-enacted, with amend-
ments to read as follows:

2.

(a) Except for loans made under Section 7 and except on any
loan guaranteed or insured by FHA, VA or any other instrumentality
of the Federal government [where the maximum interest rate is not
more than 7%,] a charge or fee, commonly called "points" or mort-
gage origination fee, and extracted by a lender from either the
borrower or any other person as additional compensation for the
loan of money, is specifically prohibited under this Act.

Sec. 2. And be it further enacted, That this Act shall take effect

July 1, 1969.

SEC. 2. AND BE IT FURTHER ENACTED, THAT THIS
ACT IS HEREBY DECLARED TO BE AN EMERGENCY
MEASURE AND NECESSARY FOR THE IMMEDIATE PRES-
ERVATION OF THE PUBLIC HEALTH AND SAFETY AND
HAVING BEEN PASSED BY A YEA AND NAY VOTE SUP-
PORTED BY THREE-FIFTHS OF ALL THE MEMBERS
ELECTED TO EACH OF THE TWO HOUSES OF THE GEN-
ERAL ASSEMBLY, THE SAME SHALL TAKE EFFECT FROM
THE DATE OF ITS PASSAGE.

Approved February 13, 1969.

 

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Session Laws, 1969
Volume 692, Page 4   View pdf image
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