(a) (1) On or after January 1, 2019, a lender may, at the lender’s option, elect to make a loan to any borrower either under this subtitle or as otherwise authorized by applicable law.
(2) In order to make a loan under this subtitle, a lender shall make a written election in the agreement, note, or other evidence of the loan specifying that this subtitle will govern the loan.
(b) (1) If a lender elects to make a loan under this subtitle in accordance with this section, Subtitles 1, 3, 9, and 10 of this title do not apply to the loan.
(2) If a lender who makes or contracts to make a loan does not make a written election under this subtitle or Subtitle 1, Subtitle 3, Subtitle 9, or Subtitle 10 of this title:
(i) Subtitle 1 of this title will apply to the loan if the loan is:
1. For an amount over $25,000; or
2. A. For an amount of $25,000 or less; and
B. Not subject to Subtitle 3 of this title; or
(ii) Subtitle 3 of this title will apply to the loan if the loan is:
1. For an amount of $25,000 or less; and
2. Subject to Subtitle 3 of this title.