US Lawyer Database

Section 12-912 – Amendment of Plan Agreement

    (a)    A credit grantor may, if the agreement governing a revolving credit plan permits, at any time amend the terms of the agreement in accordance with the provisions of this section including:         (1)    The terms governing the periodic percentage rate used to calculate interest or finance charges;         (2)    The method of computing the outstanding unpaid indebtedness to which […]

Section 12-924 – Release of Lien Securing Extension of Credit

    (a)    (1)    Except as provided in paragraph (2) of this subsection, this section applies only to a plan between a credit grantor and a consumer borrower under which a credit grantor has taken any property as security for credit extended under the plan.         (2)    This section does not apply to a loan to which § 3-105.1 of the […]

Section 12-913 – Applicability of Other Laws

    (a)    Unless otherwise provided under the express terms of the agreement governing a revolving credit plan, the provisions of Subtitle 1, 3, 4, 5, 6, or 10 of this title do not apply to any extension of credit made pursuant to a revolving credit plan if:         (1)    The plan is established before October 1, 1993; and         (2)    The […]

Section 12-925 – Credit Grantor to Consider Borrower’s Ability to Repay Loan

    (a)    (1)    In this section the following words have the meanings indicated.         (2)    “Fully indexed rate” means the index rate, as defined in the mortgage loan documents, prevailing at the time the mortgage loan is approved by the credit grantor, plus the margin that will apply after the expiration of an introductory interest rate.         (3)    (i)    “Mortgage loan” has the […]

Section 12-913.1 – Election of Applicable Laws

    (a)    (1)    On or after October 1, 1993, a credit grantor may at its option elect to offer a plan to any borrower either pursuant to this subtitle or as otherwise permitted by applicable law.         (2)    In order for a plan to be established under and governed by this subtitle, a credit grantor shall make a written election […]

Section 12-1001 – Definitions

    (a)    In this subtitle the following words have the meanings indicated.     (b)    (1)    “Balloon payment” means any scheduled payment on an installment loan that is more than 2 times the average of all other payments scheduled to repay the installment loan.         (2)    “Balloon payment” does not include a down payment.     (c)    “Borrower” means a corporation, partnership, association, government, or governmental […]

Section 12-913.2 – Delivery of Plan Agreement; Proof of Delivery

    (a)    The credit grantor shall deliver a copy of the agreement governing the plan to the borrower no later than 30 days after the credit grantor establishes the account governed by the agreement for the borrower’s use.     (b)    If there is more than one borrower, a copy of the agreement governing the plan may be delivered to […]

Section 12-1002 – Authorized Extensions of Credit

    (a)    Any credit grantor may, subject to the other provisions of this subtitle, offer and extend closed end credit to a borrower.     (b)    In connection with closed end credit offered and extended under this subtitle, a credit grantor may charge and collect the interest and other charges permitted by this subtitle and may take any security as […]

Section 12-914 – General Provisions

    (a)    If any provision of this subtitle is held invalid, the invalidity shall not affect any other provision of this subtitle which can be given effect without the invalid provision.     (b)    Notwithstanding any other provisions of this title, a plan under this subtitle is subject only to the disclosure requirements of this subtitle and, to the extent […]

Section 12-915 – Applicability of Certain Provisions of Financial Institutions Article; License to Be Issued by Commissioner of Financial Regulation

    (a)    A credit grantor making a loan or extension of credit under this subtitle is subject to the licensing, investigatory, enforcement and penalty provisions of Title 11, Subtitle 3 of the Financial Institutions Article unless the credit grantor or the loan or extension of credit is exempt under Title 11, Subtitle 3 of the Financial Institutions […]