Schmidt v. Beneficial Finance Co.

On 30 March 1977 Paul K. Schmidt, Jr. and Patricia Schmidt, his wife, executed and delivered a mortgage to Beneficial Finance Co. of Frederick, a Delaware corporation qualified to do business in Maryland, and licensed to engage in making loans under the Maryland Consumer Loan Law. The mortgage secured a loan of $3,500 made by Beneficial to the Schmidts. It called for repayment, “together with interest on the unpaid balance thereof at the rate of Eighteen percent (18%) per annum (D/2% per month) ... in 60 successive monthly installments of $88.87 each, commencing one month from the date”…