Maryland SB317 caps interest rates for active service members at 6% per year.

Maryland SB317 amends the state's Commercial Law to limit the interest rate on loans held by active service members to 6% per year. This applies to both individual service members and those who hold loans jointly with their spouses. The bill also requires creditors to forgive any interest charges above 6% if the service member is assigned to active duty. Additionally, it mandates that creditors recalculate periodic payments at the reduced interest rate once the service member is released from active duty.

Maryland SB317 caps interest rates for active service members at 6% per year.

Maryland SB317 amends the state's Commercial Law to limit the interest rate on loans held by active service members to 6% per year. This applies to both individual service members and those who hold loans jointly with their spouses. The bill also requires creditors to forgive any interest charges above 6% if the service member is assigned to active duty. Additionally, it mandates that creditors recalculate periodic payments at the reduced interest rate once the service member is released from active duty.