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Maryland Interest Rates Laws
More Information on Interest Rate Laws
| Legal Maximum Rate of Interest | 6% (Const. Art. III §57); up to 8% in written agreement (Com. Law §12-103) |
| Penalty for Usury (Unlawful Interest Rate) | Forfeit 3 times excess of interest and charges collected or $500, whichever is greater (Com. Law §12-114) |
| Interest Rates on Judgments | 10%; money judgment may carry contract rate until originally scheduled maturity date (Cts. & Jud. Proc. §11-106, 107, 301) |
| Exceptions | Mortgage secured loans (Com. Law §12-103); unsecured loans secured by other than savings (Com. Law §12-103); installment loans not secured by real property (Com. Law §12-103); open-end retail accounts (Com. Law §12-506); installment sales contract for motor vehicles and other consumer goods (Com. Law §12-609, 610) |
Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.
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- Official State Codes - Links to the official online statutes (laws) in all 50 states and DC.
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