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.
Section 12-506.1 – Credit Balances
(a) In this section “credit balance” means a balance on an open end retail credit account which indicates that the buyer has made payments or obtained refunds in excess of charges, resulting in a credit due to the buyer. (b) If there is a credit balance in excess of $1 on any retail credit account: (1) The holder […]
Section 12-605 – Delivery of Installment Sale Agreement and Receipt; Right to Cancel
(a) (1) At or before the time the buyer signs an installment sale agreement, the seller shall deliver to him an exact copy of it. (2) If the seller does not sign the copy, and if, within 15 days after the buyer signs the installment sale agreement, the seller does not deliver to the buyer a copy of […]
Section 12-506.2 – Limitations Upon Changes in Rate Applicable to Open End Account
Changes in the rate applicable to an open end account, including a credit card plan which provides for sales, cash advances, or both, are limited as follows: (1) Any balance existing before July 1, 1982 is to be repaid at the then applicable rate of interest or finance charge regardless of any subsequent increase in the […]
Section 12-606 – Disclosures Required in Installment Sale Agreement
(a) An installment sale agreement shall: (1) State the full name, place of residence, and post office address of each party to it; (2) State the date when signed by the buyer; and (3) Contain a clear description of the goods sold sufficient to identify them readily. (b) An installment sale agreement also shall state in simple tabular form the […]