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2020 Maryland Statutes
Financial Institutions
Title 11 - Consumer Credit
Subtitle 3 - Installment Loans -- Licensing Provisions
Section 11-302 - License Required

Universal Citation:
MD. Financial Institutions Code Ann. § 11-302 (2020)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

    (a)    In this section, “installment loan” means a loan or extension of credit made for consideration under § 12-103(a)(3) or (c), Title 12, Subtitle 9, or Title 12, Subtitle 10 of the Commercial Law Article.

    (b)    Unless the person is licensed by the Commissioner, a person may not:

        (1)    Engage in the business of making installment loans;

        (2)    Make more than 5 installment loans a year; or

        (3)    Engage in the business of a credit services business as defined under Title 14, Subtitle 19 of the Commercial Law Article.

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