MARVIN MANDEL, Governor

3297

Annotated Code of Maryland

(As enacted by Chapter --- (HB 26) of the Acts of the

General Assembly of 1975)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Sections 12-701 through [[12-707]]
12—708, inclusive, to be under the new subtitle,
"Subtitle 7. Equal Credit Opportunity Act" be and they
are hereby added to Article — Commercial Law, of the

Annotated Code of Maryland (As enacted by Chapter --- (HB

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

Article — Commercial Law

SUBTITLE 7. EQUAL CREDIT OPPORTUNITY ACT

12-701. DEFINITIONS.

(A)   IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(B)    "APPLICANT" MEANS ANY PERSON WHO APPLIES TO A
CREDITOR:

(1)   DIRECTLY FOR AN EXTENSION, RENEWAL, OR
CONTINUATION OF CREDIT; OR

(2)    INDIRECTLY BY USE OF AN EXISTING CREDIT
PLAN FOR AN AMOUNT EXCEEDING A PREVIOUSLY ESTABLISHED
CREDIT LIMIT.

(C)     "COMMISSIONER" MEANS THE COMMISSIONER OF
CONSUMER CREDIT, EXCEPT WHEN USED CONCERNING ACTIONS OF A
BANKING INSTITUTION WHEN IT SHALL MEAN THE STATE BANKING
COMMISSIONER.

(D)    "CREDIT" MEANS THE RIGHT GRANTED BY A CREDITOR
TO A DEBTOR TO:

(1)   DEFER PAYMENT OF A DEBT;

(2)   INCUR A DEBT AND DEFER ITS PAYMENT; OR

(3)   PURCHASE PROPERTY OR SERVICES AND DEFER
PAYMENT FOR IT.

(E)   "CREDITOR" MEANS ANY PERSON WHO REGULARLY:

(1) EXTENDS, RENEWS, OR CONTINUES CREDIT FOR
PERSONAL FAMILY OR HOUSEHOLD PURPOSES; OR