In connection with an installment sale agreement, a sales finance company may: (1) Renew or extend the time for payment of any installment sale agreement or any installment; or (2) Refund to the buyer, for subsequent repayment by him, the amount of any installment previously paid.
(a) (1) Except as provided in paragraph (2) of this subsection, any renewal, extension, or refund made under § 12-632 of this subtitle shall be by a written agreement signed by each party. (2) If an extension is granted without any additional charge, the agreement need be signed only by the sales finance company. (b) (1) At the time a […]
(a) A sales finance company may charge the buyer for a renewal, extension, or refund made under § 12-632 of this subtitle, an amount not exceeding an annual effective rate of simple interest, as defined in Subtitle 1 of this title, of 15 percent per annum on the balances outstanding from time to time of the […]
(a) A sales finance company shall permit a buyer to prepay in full or in part at any time, without penalty, the outstanding balance payable under a renewal, extension, or refund agreement. (b) If a buyer prepays the entire outstanding balance, the sales finance company shall pay or credit to him the unearned portion of the charge.
