Section 12-919 – Limitation of Actions
An action for violation of this subtitle may not be brought more than 6 months after the credit extension is repaid in full.
Section 12-920 – Limitation on Credit Grantor’s Liability
A credit grantor is not liable for any failure to comply with a provision of this subtitle if, within 60 days after discovering an error and prior to institution of an action under this subtitle or the receipt of written notice from the borrower, the credit grantor notifies the borrower of the error and makes […]
Section 12-921 – Repossession
(a) (1) A credit grantor may repossess tangible personal property securing a plan under an agreement if the consumer borrower is in default. (2) The credit grantor may repossess tangible personal property from a consumer borrower only by: (i) Legal process; or (ii) Self-help, without use of force. (b) Nothing in this section authorizes a violation of criminal law. (c) (1) Except as […]
Section 12-922 – Definitions; Financing Agreements
(a) (1) In this section the following words have the meanings indicated. (2) “Borrower” means a consumer borrower who makes an application for a loan secured by a first mortgage or first deed of trust on residential real property to be occupied by the borrower as the borrower’s primary residence. (3) “Commitment” means a written, specific, binding agreement between […]
Section 12-923 – Agreements Governing Revolving Credit Plans
(a) This section applies only to a plan established by a credit grantor under this subtitle for a consumer borrower. (b) (1) Paragraph (2) of this subsection applies only to a loan or an extension of credit primarily for personal, household, or family purposes. (2) An agreement governing a revolving credit plan or any instrument which evidences or secures […]
Section 12-923.1 – Use of Revolving Credit Plan to Acquire Interest in or to Carry on a Business or Commercial Enterprise
(a) Any statement or characterization that indicates the borrower intends to use a plan to obtain loans or other extensions of credit solely to acquire an interest in or to carry on a business or commercial enterprise may be relied upon by a credit grantor in establishing a plan, unless the credit grantor knows or should […]
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 12-901 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Borrower” means a corporation, partnership, association, government or governmental subdivision or agency, trust, individual, or other entity receiving a loan or other extension of credit under this subtitle. (c) “Commercial loan” and “extension of credit for a commercial purpose” mean an extension of credit made: (1) Solely […]
Section 12-902 – Authorized Extensions of Credit
(a) Any credit grantor may, subject to the other provisions of this subtitle: (1) Offer and extend credit under a revolving credit plan to a borrower and in that connection charge and collect the interest, finance charges, and other charges permitted by this subtitle; (2) (i) Take any security as collateral as may be acceptable to the credit grantor. […]