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 12-626 – Repossession — Resale of Goods
(a) Subject to the provisions of subsection (b) of this section, the holder shall sell any repossessed goods at public auction if the buyer: (1) Has paid at least 50 percent of the cash price of the goods; and (2) Within the 15-day period provided for in § 12-625(a) of this subtitle, requests sale of the goods in […]
Section 12-706 – Administration of Subtitle
The provisions of this subtitle shall be administered by the Commissioner.
Section 12-627 – Repossession — Discharge of Agreement in Absence of Resale
If there is no resale of repossessed goods under § 12-626 of this subtitle, all obligations of the buyer under the agreement shall be discharged, and the holder may retain the goods as his own property without obligation to account to the buyer.
Section 12-707 – Civil Liability
(a) Notwithstanding the provisions of § 12–703 of this subtitle, any creditor who violates any provisions of this subtitle is liable to the applicant in an amount equal to the sum of any actual damages sustained by the applicant acting either in an individual capacity or as a representative of a class. (b) Any creditor who fails […]
Section 12-628 – Promissory Note
(a) If, as part of an installment sale, a promissory note is taken by a seller or sales finance company, the note shall refer to the agreement out of which it arises. (b) If the note is assigned, it is subject to all defenses which the buyer might have asserted against the seller or sales finance company, […]
Section 12-708 – Short Title
This subtitle may be cited as the Maryland Equal Credit Opportunity Act.
Section 12-629 – Waiver by Buyer Invalid
No act, agreement, or statement of a buyer in an agreement may constitute a valid waiver of any benefit or protection provided to him under this subtitle.