VETOES

outstanding unpaid indebtedness in the account under the terms of the unamended
agreement governing the plan.

(7) In addition to the requirements of subsection (b) of this section, a
credit grantor amending the agreement governing a revolving credit plan under this
subsection shall include in the initial notice of amendment under subsection (b) of this
section, a statement that a second notice will be sent in the borrower's next periodic
statement and shall include in both notices of amendment a statement in 10 point type
on a form the Commissioner approves that:

(i) If a written notice of refusal from the borrower in which the
borrower refuses to accept the amendment is not received by the credit grantor within
25 days of the mailing of the second notice of amendment, the amendment will become
effective on the first day of the billing cycle during which the effective date of the
amendment occurs or at any later date specified in the notice of amendment;

(ii) Enumerates the borrower's rights under paragraphs (5) and (6)
of this subsection upon timely notice of refusal by the borrower; and

(iii) Includes the address to which the borrower may send notice of a
refusal.

(8) The original notice of amendment under subsection (b) of this section,
shall be enclosed in an envelope that contains on its face a statement in 10 point type
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 (c) 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

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