Section 12-610.2 – Consumer Goods — Change in Finance Charge Prohibited
A holder may not enter into a retail installment sales agreement, providing for an initial rate of finance charge pursuant to § 12-609(f) or § 12-610(3) of this subtitle, which contains a provision that permits the holder to increase or decrease the applicable rate of finance charge from time to time during the term of […]
Section 12-611 – Consumer Goods — Computation of Finance Charge; Payment of Installments; Payment After Assignment
(a) (1) The finance charge under an installment sale agreement relating to consumer goods or a motor vehicle may be computed: (i) On the actual unpaid principal outstanding from time to time; or (ii) In advance, at the time the agreement is made, by adding to the principal balance the amount of the finance charge that would be earned […]
Section 12-612 – Consumer Goods — Prepayment
(a) Notwithstanding the provisions of § 12-601(k) of this subtitle, for the purposes of this section, “goods” means any personal property bought for use primarily for personal, family, or household purposes regardless of the cash price of the goods. (b) A buyer may prepay at any time, without penalty, all or part of the outstanding balance payable […]
Section 12-514 – Jurisdiction of Commissioner of Financial Regulation
(a) If a complaint for violation of any provision 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 10 days’ written notice […]
Section 12-515 – Penalties
Any person who knowingly violates or participates in the violation of any provision 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.
Section 12-601 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Agreement” means an installment sale agreement, a renewed or extended installment sale agreement, and any renewal, extension, or refund agreement made in connection with an installment sale agreement. (c) (1) “Buyer” means a person who buys or leases goods under an installment sale agreement, even though the […]
Section 12-602 – False Advertising Prohibited
A seller or sales finance company may not make in any advertisement, publication, display, broadcast, solicitation, or representation any false, misleading, or deceptive statement relating to: (1) Any finance, delinquency, or extension charge or rate; or (2) The security interest, collateral, terms, or conditions on which it will make or finance any installment agreement.
Section 12-603 – Discrimination Prohibited
A seller or sales finance company may not discriminate against a buyer solely on the basis of the sex, marital status, geographic area of residence, neighborhood of residence, or age of the buyer. Refusal to grant credit to a buyer who is under the age of 18 is not discrimination solely on the basis of […]
Section 12-506 – Maximum Finance Charge — Open End Account
(a) In an open end account: (1) The finance charge may not exceed 1.5 percent a month on that part of the outstanding balance not exceeding $700; (2) The finance charge may not exceed 1 percent per month on that part of the outstanding balance exceeding $700; (3) Notwithstanding the provisions of paragraphs (1) and (2) of this subsection, […]
Section 12-604 – Form of Installment Sale Agreement
An installment sale agreement shall be evidenced by an instrument in writing which contains all of the agreements of the parties. It shall be signed by all parties before the seller delivers to the buyer any of the goods covered by the agreement.