Section 14-1915 – Fines and Punishments
(a) Except as provided in subsection (b) of this section, any person who violates any provision of this subtitle is guilty of a misdemeanor and, on conviction, is subject to a fine not exceeding $5,000 or imprisonment not exceeding 3 years or both, in addition to any civil penalties. (b) A person may not be imprisoned for […]
Section 14-1916 – Short Title
This subtitle may be cited as the “Maryland Credit Services Businesses Act”.
Section 14-2001 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) (1) “Adjusted capitalized cost” means the amount which serves as the basis for determining the base lease payment, computed by subtracting from the capitalized cost any capitalized cost reduction. (2) “Adjusted capitalized cost” is amortized during the lease term to the estimated residual value by the application […]
Section 14-2002 – Contents of Contract for Lease; Delivery; Disclosures; Insurance; Sale or Assignment; Miscellaneous Provisions
(a) A lease shall be in writing and signed by the lessor and the lessee. (b) The printed portion of the lease, other than directions for completion of the lease and the text of any assignment between the original lessor and an assignee, shall be printed in a size equal to at least 8 point type. The […]
Section 14-2003 – Prohibited Activities by Lessors
(a) A person who leases vehicles to lessees may not: (1) Make any false, falsely disparaging, or misleading oral or written statement, visual description, or other representation of any kind that has the capacity, tendency, or effect of deceiving or misleading a consumer or lessee; (2) By any means advertise or offer to the public any motor vehicle […]
Section 14-1701 – Definitions
(a) In this subtitle the following terms have the meanings indicated. (b) (1) “Adverse action” means a denial or revocation of credit, a change in the terms of an existing credit arrangement, or a refusal to grant credit in substantially the amount or on substantially the terms requested. (2) “Adverse action” does not include a refusal to extend additional […]
Section 14-1904 – Information Statement
(a) This section does not apply to a credit services business providing the services described in § 14–1901(e)(1)(ii) of this subtitle. (b) Before either the execution of a contract or agreement between a consumer and a credit services business or the receipt by the credit services business of any money or other valuable consideration, the credit services […]
Section 14-1702 – Notice of Action Upon Application for Credit
(a) Notwithstanding any other provision of this article, within 30 days after receipt of a completed application for credit, a lender or credit grantor shall notify the applicant of its action on the application. (b) Notwithstanding any other provision of this article, if the lender or credit grantor has acted adversely against or denied an application for […]
Section 14-1905 – Information to Be Included in Information Statement
(a) The information statement required under § 14-1904 of this subtitle shall include: (1) An accurate statement of the consumer’s right to review any file on the consumer maintained by any consumer reporting agency, and the right of the consumer to receive a copy of a consumer report containing all information in that file as provided under […]
Section 14-1703 – Contents of Statement — in General
The written statement required by § 14-1702 of this subtitle shall disclose to the applicant: (1) The applicant’s right to a statement of reasons within 30 days after receipt by the lender or credit grantor of a request made within 60 days after notification, made under § 14-1702(a) of this subtitle; (2) The identity of the person […]