Section 12-508 – Attorney’s Fees
If a retail credit account agreement provides for the payment of attorney’s fees, that provision may permit the holder only to receive reasonable attorney’s fees to be set by a court in the event of the filing of suit.
Section 12-509 – Discount to Consumer Paying Cash
Notwithstanding any agreement to the contrary between a seller and the issuer of a credit card, the seller is permitted to offer a cash discount to consumers who pay cash instead of using the credit card.
Section 12-510 – Failure to Answer Status Inquiry
If a buyer inquires in writing about the status of his account and the holder fails to answer the inquiry in clear and definite terms within 60 days after receiving it, the buyer is not required to pay a finance charge for that 60-day period or for any further period during which the holder fails […]
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; […]
Section 12-503 – Establishment of Account
(a) A retail credit account may be established by a seller or financial institution only on the request of a buyer or with his consent. (b) (1) A seller or financial institution may not discriminate solely on the basis of sex, marital status, geographic area of residence, neighborhood of residence, or age against a buyer who wishes to […]
Section 12-504 – Maximum Finance Charge — in General
(a) Notwithstanding any other statutory law, a seller, financial institution, or the successor in interest of either may charge, collect, and receive under a retail credit account a finance charge, however described, not to exceed the amounts permitted in §§ 12-505 and 12-506 of this subtitle. (b) If the date of performance or delivery of an item […]
Section 12-406 – Restrictions on Payment of Commissions, Finder’s Fees, and Points
(a) Except as permitted by § 12-405(a) of this subtitle, any commission, finder’s fee, or point shall be paid by the lender, and may be paid only to: (1) A licensed real estate broker; (2) A lawyer licensed to practice law in the State; or (3) A licensee. (b) An agreement to pay a commission, finder’s fee, or point may […]
Section 12-505 – Maximum Finance Charge — Closed End Account
(a) In a closed end account, the finance charge may not exceed the greater of: (1) An amount computed using the following annual simple interest rates of finance charge: (i) 22 percent on that part of the outstanding balance not exceeding $1,000; and (ii) 18 percent on that part of the outstanding balance exceeding $1,000; or (2) A minimum charge […]