Ch. 484 LAWS OF MARYLAND

that an important notice of an increase in rates or fees of the revolving credit plan is
enclosed.

(9) This subsection does not apply to any extensions of credit secured by
real property.

(d) (1) Notwithstanding subsection (e) of this section, at the election of the
credit grantor, an amendment made under this section may become effective as to a
particular borrower on the first day of the billing cycle in which the borrower:

(i) Makes a purchase or obtains a loan under the plan, after the date
specified in the notice of amendment which is not less than 25 days after the date the
notice of amendment was mailed; or

(ii) Sends a notice of agreement to the credit grantor in which the
borrower expressly agrees to the amendment.

(2) In addition to the requirements of subsection (b) of this section, a
credit grantor electing to amend the agreement governing a revolving credit plan under
this subsection shall include in the notice of amendment a statement that the
amendment will become effective on the first date of the billing cycle during which the
borrower:

(i) Makes a purchase or obtains a loan under the plan, so long as the
purchase is made or the loan is obtained after a specific date which is at least 25 days
after the mailing of the notice of amendment; or

(ii) Sends a notice of agreement to the credit grantor in which the
borrower expressly agrees to the amendment.

(3) A borrower who receives a notice of amendment under this subsection
may pay any outstanding unpaid indebtedness in the account under the terms of the
unamended agreement governing the plan if the borrower does not:

(i) Make any purchase or obtain any loan under the plan after the
date specified in the notice of amendment; or

(ii) Send a notice of agreement to the credit grantor in which the
borrower expressly agrees to the amendment.

(e) If the terms of the agreement governing the plan, as originally drawn or as
amended provide, any amendment may, on and after the date on which it becomes
effective as to a particular borrower, apply to all then outstanding unpaid indebtedness
in the borrower's account under the plan, including any indebtedness which shall have
arisen out of purchases made or loans obtained prior to the effective date of the
amendment.

(f) For purposes of this section, a decrease in the required amount of scheduled
payments shall not be deemed ah amendment which has the effect of increasing the
interest or finance charges to be paid by the borrower.

(g) The procedures for amendment by a credit grantor of the terms of a plan to

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