(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 […]
(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; […]
(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 […]
(a) Notwithstanding any other statutory law, a seller, financial institution, or the successor in interest of either may charge, collect, and receive under a retail credit account a finance charge, however described, not to exceed the amounts permitted in §§ 12-505 and 12-506 of this subtitle. (b) If the date of performance or delivery of an item […]
(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 […]
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 […]
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 […]
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.
(a) In an open end account: (1) The finance charge may not exceed 1.5 percent a month on that part of the outstanding balance not exceeding $700; (2) The finance charge may not exceed 1 percent per month on that part of the outstanding balance exceeding $700; (3) Notwithstanding the provisions of paragraphs (1) and (2) of this subsection, […]
(a) In this section “credit balance” means a balance on an open end retail credit account which indicates that the buyer has made payments or obtained refunds in excess of charges, resulting in a credit due to the buyer. (b) If there is a credit balance in excess of $1 on any retail credit account: (1) The holder […]
Changes in the rate applicable to an open end account, including a credit card plan which provides for sales, cash advances, or both, are limited as follows: (1) Any balance existing before July 1, 1982 is to be repaid at the then applicable rate of interest or finance charge regardless of any subsequent increase in the […]
(a) If, as part of a retail credit account, a promissory note is taken by the seller or financial institution, the note shall refer to the account out of which it arises. (b) The note may not contain a confession of judgment or any power of attorney to appear for the buyer or for any surety or […]
If a retail credit account agreement provides for the payment of attorney’s fees, that provision may permit the holder only to receive reasonable attorney’s fees to be set by a court in the event of the filing of suit.
Notwithstanding any agreement to the contrary between a seller and the issuer of a credit card, the seller is permitted to offer a cash discount to consumers who pay cash instead of using the credit card.
If a buyer inquires in writing about the status of his account and the holder fails to answer the inquiry in clear and definite terms within 60 days after receiving it, the buyer is not required to pay a finance charge for that 60-day period or for any further period during which the holder fails […]
(a) In this section, “billing error” means the initial occurrence of an error in a billing statement given to a buyer by the holder of an account, which error results from: (1) An omission or commission by the holder in posting any debit or credit; (2) The computation of any amount; or (3) Any similar error of an accounting […]
A holder may not charge a buyer a fee for any reply to an account status inquiry or billing status inquiry made under § 12-510 or § 12-511 of this subtitle.
No act, agreement, or statement of a buyer may constitute a valid waiver of any benefit or protection provided to him under this 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 […]
(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 […]
