Section 12-623 – Delinquency Charge; Attorney’s Fees and Court Costs
(a) If an agreement on which the finance charge is computed in advance so provides, the holder of the agreement may collect a delinquency or collection charge of the lesser of $10 or 5 percent of the amount of any payment in default, if the default has continued for at least 10 days. (b) (1) In addition to […]
Section 12-610 – Consumer Goods — Maximum Finance Charge
Except as provided in § 12-609 of this subtitle as to a motor vehicle, and notwithstanding the provisions of any other statutory law, in the retail sale of consumer goods bought under an installment sale agreement, including any add-on contract described in § 12-618 of this subtitle, the finance charge may not exceed the greater […]
Section 12-624 – Repossession — Holder’s Right to Repossess
(a) The holder may repossess goods sold under an agreement if: (1) The buyer is in default in: (i) The payment of any sum due under the agreement; (ii) The performance of any other condition which the agreement lawfully requires him to perform in order to obtain unencumbered title to the goods; or (iii) The performance of any promise the […]
Section 12-610.1 – Consumer Goods — Refinancing of Agreement at Higher Rate
Any agreement made before July 1, 1982, which is refinanced at a higher rate allowed by § 12–609(f) or § 12–610(3) of this subtitle must comply with the following requirements: (1) The holder must give the following disclosures in writing to the buyer prior to the execution by the buyer of the new agreement: If you […]
Section 12-625 – Repossession — Buyer’s Right of Redemption
(a) For 15 days after the holder gives the notice required by § 12-624(d) of this subtitle, the holder shall retain any repossessed goods in the county where the goods were sold to the buyer or were repossessed. (b) During the period provided for in subsection (a) of this section, the buyer may: (1) Redeem and take possession […]
Section 12-610.2 – Consumer Goods — Change in Finance Charge Prohibited
A holder may not enter into a retail installment sales agreement, providing for an initial rate of finance charge pursuant to § 12-609(f) or § 12-610(3) of this subtitle, which contains a provision that permits the holder to increase or decrease the applicable rate of finance charge from time to time during the term of […]
Section 12-611 – Consumer Goods — Computation of Finance Charge; Payment of Installments; Payment After Assignment
(a) (1) The finance charge under an installment sale agreement relating to consumer goods or a motor vehicle may be computed: (i) On the actual unpaid principal outstanding from time to time; or (ii) In advance, at the time the agreement is made, by adding to the principal balance the amount of the finance charge that would be earned […]
Section 12-612 – Consumer Goods — Prepayment
(a) Notwithstanding the provisions of § 12-601(k) of this subtitle, for the purposes of this section, “goods” means any personal property bought for use primarily for personal, family, or household purposes regardless of the cash price of the goods. (b) A buyer may prepay at any time, without penalty, all or part of the outstanding balance payable […]
Section 12-613 – Insurance
(a) The provisions of this section are in addition to and not in substitution for any other applicable provision of statutory law. (b) If a holder undertakes at the expense of the buyer to sell, purchase, or supply insurance on the goods sold, the amount charged the buyer for the insurance may not exceed the lesser of: […]
Section 12-614 – Additional Charges
(a) Except as provided in subsection (b) of this section, a holder may not directly or indirectly contract for, charge, or receive from a buyer or a surety for a buyer on account of or in connection with any agreement, any charge or amount for the extension of credit, interest, fees, commissions, delinquency, collection, repossession, and […]