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 12-628 – 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.
Section 12-801 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Borrower” means an individual who obtains a loan or advance of money. (c) “Commissioner” means the Commissioner of Financial Regulation. (d) “Finder’s fee” means any compensation or commission directly or indirectly imposed by a broker and paid by or on behalf of the borrower for the broker’s […]
Section 12-630 – Violation of Subtitle
(a) Except as provided by subsections (b) and (c) of this section, a holder may not collect or receive any finance, delinquency, or collection charge from the buyer if: (1) The agreement does not contain the information required by §§ 12-604 through 12-606 of this subtitle; (2) The seller fails to deliver to the buyer a required copy […]
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.