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This entry was published on 2014-09-22
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SECTION 577
Interpretation of article
Banking (BNK) CHAPTER 2, ARTICLE 12-B
§ 577. Interpretation of article. This article does not affect: (1)
the inclusion of amounts for insurance in retail instalment contracts or
obligations in accordance with the motor vehicle retail instalment sales
act or the retail instalment sales act; (2) the inclusion of amounts for
insurance in retail lease agreements in accordance with the motor
vehicle retail leasing act; or (3) the making of loans for the purpose
of financing insurance premiums:

(a) By any person at a rate of interest not greater than the rate
prescribed by the superintendent of financial services pursuant to
section fourteen-a of this chapter, or, if no rate has been so
prescribed, six per centum per annum; or

(b) By a lending institution in accordance with the applicable
provisions of other laws authorizing and regulating the making of loans
by the lending institution.