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 […]
Section 12-411 – Prohibited Charges
A lender may not directly or indirectly, contract for, charge, or receive, any interest, discount, fee, fine, commission, brokerage, charge, or other consideration in excess of that permitted by this subtitle.
Section 12-412 – Lender to Comply With Subtitle
A lender may not make or offer to make any secondary mortgage loan except within the terms and conditions authorized by this subtitle.
Section 12-413 – Civil Penalties
Except for a bona fide error of computation, if a lender violates any provision of this subtitle he may collect only the principal amount of the loan and may not collect any interest, costs, or other charges with respect to the loan. In addition, a lender who knowingly violates any provision of this subtitle also […]
Section 12-414 – Criminal Penalty
Any lender, his officer or employee and any other person who willfully violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $1,000 or imprisonment not exceeding one year or both.
Section 12-415 – Short Title
This subtitle may be cited as the Maryland Secondary Mortgage Loan Law.
Section 12-501 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Account” means a retail credit account. (c) (1) “Buyer” means a person who, under a retail credit account transaction, buys goods or obtains services from a seller not principally for the purpose of resale. (2) “Buyer” includes: (i) A person who enters into a prior agreement with a financial […]
Section 12-502 – Application of Subtitle
(a) Each retail credit account established after May 31, 1967 shall comply with this subtitle. (b) (1) Notwithstanding any situs of contract specified in it, a retail credit account is made in this State and is subject to this subtitle if: (i) The seller offers or agrees in this State to sell to a resident buyer of this State; […]