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736 Laws of Maryland [Ch. 216
hereby added to SECTIONS 153 C (D) (5) AND 153D (C) (3) OF
Article 83 of the Annotated Code of Maryland (1969 Replacement
Volume), title "Sales and Notices," subtitles "Retail Installment
Sales" and SUBTITLE "Retail Credit Accounts Law," respectively,
to follow immediately after Sections 132A (b) and 153C (d), re-
spectively, ARE HEREBY REPEALED AND RE-ENACTED,
WITH AMENDMENTS, to read as follows:
132A.
(b-1) Any statement of money due the seller sent the buyer under
the installment sales agreement must disclose in as equally promi-
nent manner as the total amount owed the amount owed less the
finance charges.
(d-1) Any statement of money due the seller sent the buyer under
a retail credit account must disclose in as equally prominent manner
as the total amount owed the amount owed less the service charges.
153C.
(D) (5) WHEN THE SERVICE CHARGE IS ASSESSED ON
THE OUTSTANDING BALANCES FROM MONTH TO MONTH
IN ACCORDANCE WITH THE PROVISIONS OF SECTION
153D (C) HEREOF, THEN IN ADDITION, THE AMOUNT OR
THE RATE OF THE SERVICE CHARGE ON THE OUTSTAND-
ING BALANCE AND THE METHOD OF DETERMINING THAT
OUTSTANDING BALANCE PURSUANT TO SECTION USD
(C) (3).
153D.
(C) (3) FOR THE PURPOSE OF COMPUTING THE OUT-
STANDING BALANCE SUBJECT TO THE SERVICE CHARGE
AS PROVIDED IN THIS [SECTION] SUBSECTION (I) THE
OUTSTANDING BALANCE ON ANY DAY SHALL CONSIST OF
AN AMOUNT WHICH SHALL NOT EXCEED THE SUM OF
THE TOTAL CHARGES TO THE ACCOUNT LESS THE
AMOUNTS PAID OR CREDITED TO THE ACCOUNT PRIOR
TO SUCH DAY OR (II) THE OUTSTANDING BALANCE MAY
BE COMPUTED BY THE AVERAGE DAILY BALANCE
METHOD; (III) THE SERVICE CHARGE IN ANY GIVEN
MONTH SHALL NOT EXCEED AN AMOUNT WHICH EX-
CEEDS THAT WHICH WOULD BE ASSESSED PURSUANT TO
(II) ABOVE.
Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1972. JANUARY 1, 1973.
Approved May 5, 1972.
CHAPTER 216
(Senate Bill 533)
AN ACT to repeal and re-enact, with amendments, Section 37 (b)
of Article 64A of the Annotated Code of Maryland (1972 Replace-
153C.
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