HERBERT R. O'CONOR, GOVERNOR. 1513

(k) "Down-payment" includes all amounts paid, in cash,
credits or the agreed value of goods, by or for the buyer to or
for the benefit of the seller at or before the time of the execu-
tion of an instalment agreement.

(1) "Principal balance" means the amount to be entered as
item (8) pursuant to sub-section (a) of Section 112.

(m) "Finance charge" means the amount in excess of the
cash price of the goods sold, agreed upon by the seller and the
buyer, to be paid by the buyer for the privilege of purchasing
the goods under the instalment sale agreement.

(n) "Time balance" means the amount to be entered as
item (10) pursuant to sub-section (a) of Section 112.

(o) "Security interest" means any property right in goods
which are the subject of an instalment sale agreement taken
or retained to secure performance of any obligation of the
buyer under the agreement, any renewal or extension thereof,
or any refund agreement, and the term shall include any
reservation of title to such goods whether or not expressed
to be absolute, whenever such title is in substance retained
for security only, any lien or encumbrance against such goods,
and any interest of a mortgagee of such goods.

(p) "Collateral security" means any security, other than a
security interest in goods which are the subject of an instal-
ment sale agreement, which is given to secure performance
of any obligation of the buyer or any surety or guarantor
for him under an instalment sale agreement, renewal or ex-
tension thereof, or refund agreement, and shall include the
undertakings of any surety or guarantor for the buyer and
any interest in, encumbrance on, or pledge of, property or
goods other than goods the subject of the instalment sale
agreement.

(q) "County" includes Baltimore City.

(r) "Surety" and "guarantor" do not include a seller who
sells, transfers, or assigns an instalment agreement.

SEC. 2. And be it further enacted, That all laws or parts
of laws inconsistent with this Act be and they are hereby
repealed to the extent of such inconsistency.

SEC. 3. And be it further enacted. That if any provision of
this Act or the application thereof to any person or circum-
stance is held invalid, such invalidity shall not affect the re-
mainder of this Act or the application of such provision to
other persons or other circumstances.

SEC. 4. And be it further enacted, That this Act shall take
effect June 1, 1941.

Approved May 29, 1941.