Section 12-512 – Waiver by Buyer Invalid
No act, agreement, or statement of a buyer may constitute a valid waiver of any benefit or protection provided to him under this subtitle.
Section 12-513 – Violation of Subtitle
(a) Except as provided in subsection (b) of this section, if a holder violates any provision of this subtitle, no holder may collect or receive any finance charge from the buyer. (b) (1) If the seller or any subsequent holder unintentionally and in good faith fails to comply with any provision of §§ 12-504 through 12-507 of this […]
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 12-505 – 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 […]
Section 12-505.1 – Maximum Finance Charge — Closed End Account — Refinancing at Higher Rate
Any closed end account made prior to July 1, 1982 which is refinanced at a higher rate pursuant to § 12-505(a)(3) of this subtitle must comply with the following requirements: (1) The holder must give the following disclosure in writing to the buyer prior to the execution by the buyer of the new retail credit account […]
Section 12-505.2 – Maximum Finance Charge — Closed End Account — Change in Finance Charge During Term of Account Prohibited
A seller or holder may not enter into a closed end retail credit account agreement, providing for an initial rate of finance charge pursuant to § 12-505(a)(3) of this subtitle, which contains a provision that permits the seller or holder to increase or decrease the applicable rate of finance charge from time to time during […]
Section 12-505.3 – Maximum Finance Charge — Closed End Account — Balloon Payment Prohibited
With respect to a closed end retail credit account established at a rate pursuant to § 12-505(a) of this subtitle, the agreement may not provide for a balloon payment.
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 […]