WILLIAM DONALD SCHAEFER, Governor Ch. 458

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1990.

Approved May 29, 1990.

CHAPTER 458
(Senate Bill 403)

AN ACT concerning

Revolving Credit and Closed End Credit - Corrections

FOR the purpose of excluding certain credit grantors from certain penalty provisions
under certain circumstances; allowing certain credit grantors to correct certain
errors in certain credit agreements under certain circumstances; redefining a
certain term; and generally relating to correcting errors made in certain credit

agreements.

BY repealing and reenacting, with amendments,
Article - Commercial Law

Section 12-901(b), 12 920 12-918, 12-1001(b), and 12 1020 12-1018
Annotated Code of Maryland
(1983 Replacement Volume and 1989 Supplement)

BY repealing and reenacting, without amendments,
Article - Commercial Law
Section 12-918 12-920 and 12-1020
Annotated Code of Maryland
(1983 Replacement Volume and 1989 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That the Laws of Maryland read as follows:

Article - Commercial Law

12-901.

(b) (1) "Credit grantor" means any individual, corporation, business trust,
estate, trust, partnership, association, two or more persons having a joint or common
interest, or any other legal or commercial entity making a loan or other extension of
credit under this subtitle which is incorporated, chartered, or licensed pursuant to State
or federal law, the lending operations of which are subject to supervision, examination,
and regulation by a State or federal agency or which is licensed under Title 12, Subtitle
4 of the Financial Institutions Article or is a retailer.

(2) "Credit grantor" includes:

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