Section 12-902 – Authorized Extensions of Credit
(a) Any credit grantor may, subject to the other provisions of this subtitle: (1) Offer and extend credit under a revolving credit plan to a borrower and in that connection charge and collect the interest, finance charges, and other charges permitted by this subtitle; (2) (i) Take any security as collateral as may be acceptable to the credit grantor. […]
Section 12-903 – Interest and Finance Charges
(a) (1) A credit grantor may charge and collect interest or finance charges under the plan on the outstanding unpaid indebtedness in the borrower’s account under the plan at any daily, weekly, monthly, annual, or other periodic percentage rate as the agreement governing the plan provides, if the effective rate of simple interest does not exceed 24 […]
Section 12-904 – Variation in Periodic Percentage Rate
(a) If the agreement governing the revolving credit plan so provides, the periodic percentage rate of interest or finance charges under the plan may vary in accordance with an index or formula that: (1) Is made readily available to and verifiable by the borrower; (2) Is beyond the control of the credit grantor; and (3) May be within the […]
Section 12-905 – Additional Fees and Charges
(a) With respect to an unsecured open end credit plan, fees or charges may not be imposed on a consumer borrower in addition to interest or finance charges as permitted by this subtitle, except as follows: (1) If the plan is offered by a seller of goods or services, or both, and may be used only for […]
Section 12-906 – Plan Authorizing Both Loans and Purchases
(a) If the agreement governing a revolving credit plan permitting the borrower to obtain both loans and purchases so provides, a credit grantor may impose different terms on the indebtedness arising out of purchases than to the indebtedness arising out of loans. (b) Subsection (a) of this section applies to all terms, including: (1) The terms governing the […]
Section 12-907 – Plan Connected With Demand Deposit Account
(a) If credit under a revolving credit plan is offered and extended by a credit grantor which is a depository institution in connection with a demand deposit account or other transaction account maintained by the borrower with the credit grantor under an agreement or arrangement where the credit grantor agrees to honor checks, drafts, or other […]
Section 12-908 – Deferral of Scheduled Payments; Deferral Charge
A credit grantor may at any time allow a borrower under a revolving credit plan to defer scheduled payments and charge the borrower a deferral charge agreed to by the credit grantor and the borrower.
Section 12-802 – Application of Subtitle
This subtitle does not apply to any loan: (1) Described in § 12–103(e) of this title; or (2) Made by motor vehicle or recreational vehicle dealers in connection with the sale of their vehicles.
Section 12-909 – Insurance Generally
(a) In connection with a plan established for a consumer borrower: (1) The purchase of credit life, credit accident and health, credit disability, involuntary unemployment benefit, and similar coverages is optional with the consumer borrower; and (2) Subject to § 12-909.1 of this subtitle, the purchase of property insurance, title insurance, and credit loss insurance from an insurer […]
Section 12-803 – Prohibited Relationship Between Broker and Lender
A mortgage broker may not be a director, officer, or employee of any lender where he places a loan.