Md. Code, Commercial Law § 12-610
This is the official text of Md. Code, Commercial Law § 12-610, part of Maryland’s Code, Commercial Law — governs commercial transactions - Maryland's version of the Uniform Commercial Code.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§12–610.
Official statutory text
Except as provided in § 12-609 of this subtitle as to a motor vehicle, and notwithstanding the provisions of any other statutory law, in the retail sale of consumer goods bought under an installment sale agreement, including any add-on contract described in § 12-618 of this subtitle, the finance charge may not exceed the greater of:
(1) An amount computed using the following annual simple interest rates of finance charge:
(i) 22 percent on that part of the outstanding balance not exceeding $1,000; and
(ii) 18 percent on that part of the outstanding balance exceeding $1,000; or
(2) A minimum charge of $10 or, if the date of the last installment is eight months or less after the effective date of the installment sale agreement, $8.
(3) Notwithstanding the provisions of subsection (1) of this section, a seller may charge a finance charge at a rate not in excess of 24 percent per annum simple interest on the outstanding balance under an installment sale agreement made on or after July 1, 1982.
(1) An amount computed using the following annual simple interest rates of finance charge:
(i) 22 percent on that part of the outstanding balance not exceeding $1,000; and
(ii) 18 percent on that part of the outstanding balance exceeding $1,000; or
(2) A minimum charge of $10 or, if the date of the last installment is eight months or less after the effective date of the installment sale agreement, $8.
(3) Notwithstanding the provisions of subsection (1) of this section, a seller may charge a finance charge at a rate not in excess of 24 percent per annum simple interest on the outstanding balance under an installment sale agreement made on or after July 1, 1982.
Status: in_force · Read it on the official government site
Dealing with a business matter in Maryland?
See all Maryland Business lawyers
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.