§ 12-610. Consumer goods -- Maximum finance charge

   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.

HISTORY: An. Code 1957, art. 83, § 132A; 1975, ch. 49, § 3; 1980, ch. 386; 1982, ch. 753; 1985, ch. 150; 2005, ch. 25, § 13.