Q: I am being charged 24.22 % for a loan this is higher than the usury law. I have a secured loan and the contract has
The contract has expired on my secured loan which I secured with my vehicle but I still owe the fees for late payments. Can my vehicle still be reprocessed? I have paid $2200 of the $ 3300 of late fees I owed.
A: Maryland usury law is rather complicated and has all sorts of different rates of interest depending on the situation. For instance, the maximum legal rate of interest permissible for a Maryland loan might be 6%, 8%, 18% or 33% depending on the facts.
If after looking at the various loan and usury laws (contained in the Maryland Annotated Code), you believe that a lender violated Maryland law, you may wish to reach out to the Consumer Protection Division for Maryland's Attorney General. Of course you could always hire a private lawyer for a consultation.
While not legal advice, I hope that this helps.
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