MARVIN MANDEL, Governor

401

THIS SUBTITLE APPLIES, BUT IS NOT LIMITED, TO A
PAYMENT OF MONEY, CREDIT, GOODS, OR THINGS IN ACTION AS
CONSIDERATION FOR A SALE OR ASSIGNMENT OF WAGES IN THE
AMOUNT OF $500 OR LESS, WHETHER EARNED OR TO BE EARNED.
THE PAYMENT IS CONSIDERED A LOAN AND THE AMOUNT BY WHICH
THE ASSIGNED WAGES EXCEEDS THE PAYMENT IS CONSIDERED
INTEREST, CHARGES, DISCOUNT, OR OTHER CONSIDERATION ON
THE LOAN FROM THE DATE OF THE PAYMENT TO THE DATE THE
WAGES ARE PAYABLE.                                                   

REVISOR'S NOTE: This subsection is new language
derived without substantive change from Art.
58A, §21(c). It is placed here because of its
inherent general applicability to the entire
subtitle.

(D) PRETENDED PURCHASE OF PROPERTY OR SALE OR
SERVICES CONSIDERED LOAN.

THIS SUBTITLE APPLIES, BUT IS NOT LIMITED, TO A
LENDER WHO:

(1)     AS SECURITY FOR A LOAN, USE, OR
FOREBEARANCE OF MONEY, GOODS, OR THINGS IN ACTION OR FOR
ANY LOAN, USE, OR SALE OF CREDIT, WHETHER OR NOT THE
TRANSACTION IS OR PURPORTS TO BE MADE UNDER THIS
SUBTITLE, MAKES A PRETENDED PURCHASE OF PROPERTY FROM ANY
PERSON AND PERMITS THE OWNER OR PLEDGOR TO RETAIN
POSSESSION OF THE PROPERTY; OR

(2)   BY ANY DEVICE OR PRETENSE OF CHARGING FOR
HIS SERVICES OR OTHERWISE SEEKS TO OBTAIN ANY INTEREST,
CHARGES, DISCOUNT, OR LIKE CONSIDERATION.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from Art.
58A, §21(b). It is placed here because of its
inherent applicability to the entire subtitle.

The phrase "whether or not the loan is or
purports to be made under this subtitle" is
added to item (1) of this subsection since
§12—201 otherwise defines "lender" and "loan"
generally as being one who lends on a loan,
made "under this subtitle."

12-204. FALSE ADVERTISING.

A LENDER MAY NOT DIRECTLY OR INDIRECTLY PRINT,
PUBLISH, DISTRIBUTE, OR BROADCAST ANY FALSE, MISLEADING,
OR DECEPTIVE STATEMENT REGARDING THE RATES, TERMS, OR
CONDITIONS FOR THE LENDING OF MONEY, CREDIT, GOODS, OR
THINGS IN ACTION.