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 12-619 – Extension of Due Date or Deferral of Payments
(a) The holder of an installment sale agreement on which the finance charge is computed in advance may: (1) By agreement with the buyer, extend the scheduled due date or defer the scheduled payment of all or part of the installments payable under it; and (2) Charge the buyer an extension or deferral charge. (b) The extension or deferral […]
Section 12-620 – Prepayment
(a) Notwithstanding the provisions of § 12-601(k) of this subtitle and any provision of an installment sale agreement to the contrary, a buyer may prepay at any time, without penalty, all or any part of the unpaid time balance payable under the installment sale agreement if such agreement is for the retail sale of personal property […]
Section 12-621 – Statement of Account
(a) At any time after execution of an agreement, but not later than one year after the last payment is made under it, the holder shall deliver or mail to the buyer at his last known address, within 10 days after the holder receives a written request from the buyer, a copy of the agreement and […]
Section 12-608 – Catalog Sale
(a) This section applies to an installment sale agreement negotiated and entered into without personal solicitation by a salesman or other representative of a seller, if the seller’s prices, terms of payment, and other terms are clearly set forth in a catalog or other printed solicitation of business which is generally available to the public and […]
Section 12-622 – Cancellation of Contract and Release of Security
(a) (1) After the buyer has paid all sums due under an agreement, the holder shall deliver or mail to the buyer at his last known address, within 15 days after the holder receives a written request from the buyer: (i) A signed statement which describes the goods and states that all payments due or to become due […]
Section 12-609 – Motor Vehicles
(a) The finance charge imposed on the sale of a motor vehicle may not exceed an amount computed using the following annual simple interest rates of finance charge: (1) Class 1: A new motor vehicle — 16.5 percent on the outstanding balance; (2) Class 2: A used motor vehicle designated by the manufacturer by a model year not […]
Section 12-623 – Delinquency Charge; Attorney’s Fees and Court Costs
(a) If an agreement on which the finance charge is computed in advance so provides, the holder of the agreement may collect a delinquency or collection charge of the lesser of $10 or 5 percent of the amount of any payment in default, if the default has continued for at least 10 days. (b) (1) In addition to […]