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 12-631 – Jurisdiction of Commissioner of Financial Regulation
(a) If a complaint for violation of any provision of Part II of this subtitle is filed with the Commissioner of Financial Regulation, he may investigate the complaint and hold a hearing on it in accordance with § 11-413 of the Financial Institutions Article. (b) The Commissioner shall give to the person complained against at least ten […]
Section 12-632 – Permitted Transactions
In connection with an installment sale agreement, a sales finance company may: (1) Renew or extend the time for payment of any installment sale agreement or any installment; or (2) Refund to the buyer, for subsequent repayment by him, the amount of any installment previously paid.
Section 12-633 – Written Agreement
(a) (1) Except as provided in paragraph (2) of this subsection, any renewal, extension, or refund made under § 12-632 of this subtitle shall be by a written agreement signed by each party. (2) If an extension is granted without any additional charge, the agreement need be signed only by the sales finance company. (b) (1) At the time a […]
Section 12-634 – Permitted Charges
(a) A sales finance company may charge the buyer for a renewal, extension, or refund made under § 12-632 of this subtitle, an amount not exceeding an annual effective rate of simple interest, as defined in Subtitle 1 of this title, of 15 percent per annum on the balances outstanding from time to time of the […]
Section 12-635 – Prepayment
(a) A sales finance company shall permit a buyer to prepay in full or in part at any time, without penalty, the outstanding balance payable under a renewal, extension, or refund agreement. (b) If a buyer prepays the entire outstanding balance, the sales finance company shall pay or credit to him the unearned portion of the charge.
Section 12-636 – Penalties
(a) Any person who knowingly violates or participates in the violation of any provision of Part II of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $100 for the first offense and not exceeding $500 for any subsequent offense. (b) Any person who violates or participates in the […]
Section 12-701 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Applicant” means any person who applies to a creditor: (1) Directly for an extension, renewal, or continuation of credit; or (2) Indirectly by use of an existing credit plan for an amount exceeding a previously established credit limit. (c) “Commissioner” means the Commissioner of Financial Regulation. (d) “Credit” means […]