2528                                             LAWS OF MARYLAND                       [Ch. 502

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 22, 1975.

CHAPTER 503
(House Bill 1446)

AN ACT concerning

Retail Credit Accounts

FOR the purpose of requiring that certain buyers be
notified of certain credit balances shoving on their
accounts and requiring payment of these balances to
the buyers under certain circumstances.

BY adding to

Article — Commercial Law

Section 12-506.1

Annotated Code of Maryland

(As enacted by Chapter (HB26) of the Acts of the

General Assembly of 1975)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 12-506.1 be and it is hereby
added to Article — Commercial Law, of the Annotated Code

of Maryland (As enacted by Chapter____(HB26) of the Acts

of the General Assembly of 1975) to read as follows:

Article — Commercial Law

12-506.1.

(A)    IN THIS SECTION "CREDIT BALANCE" MEANS A
BALANCE ON [[A]] AN OPEN END RETAIL CREDIT ACCOUNT WHICH
INDICATES THAT THE BUYER HAS MADE PAYMENTS OR OBTAINED
REFUNDS IN EXCESS OF CHARGES, RESULTING IN A CREDIT DUE
TO THE BUYER.

(B)    IF THERE IS A CREDIT BALANCE IN EXCESS OF $1
ON ANY RETAIL CREDIT ACCOUNT:

(1) THE HOLDER SHALL SEND TO THE BUYER A
MONTHLY STATEMENT WHICH INDICATES THE AMOUNT OF THE
CREDIT BALANCE; AND