450

LAWS OF MARYLAND

[Ch. 49

CREDIT ACCOUNT IF THE SALE WERE A SALE FOR CASH AND NOT
UNDER THE ACCOUNT.

(2)        "CASH SALE PRICE" INCLUDES ANY TAXES AND

CHARGES FOR DELIVERY, INSTALLATION, SERVICING, REPAIR,
ALTERATION, OR ANY IMPROVEMENT WHICH IS SUPPLIED OR
RENDERED IN CONNECTION WITH THE SALE.

REVISOR'S NOTE: This subsection presently appears as
Art. 83, §153A(f).

The only changes are in style.

(E)       CLOSED END ACCOUNT.

"CLOSED END ACCOUNT" MEANS A RETAIL CREDIT ACCOUNT
IN WHICH THE FINANCE CHARGE IS COMPUTED IN ADVANCE AND
ASSESSED ON THE ORIGINAL UNPAID BALANCE OF THE PURCHASE
PRICE.

REVISOR'S NOTE: This subsection, which adopts the
modern usage "closed end account," is new
language derived without substantive change
from the introductory language of Art. 83,
§153D(b). It is added to facilitate
references in this subtitle to these accounts,
as distinguished from an "open end account,"
defined in subsection (j) of this section.
The words "computed in advance" are added by
amendment to further clarify the distinction
between theses accounts and an "open end
account" which, in the first billing cycle
after purchase, can also involve an assessment
on the original unpaid balance.

(F)       FINANCE CHARGE.

"FINANCE CHARGE" MEANS THE AMOUNT, HOWEVER
EXPRESSED, IN EXCESS OF THE CASH SALE PRICE WHICH A
SELLER OR FINANCIAL INSTITUTION CHARGES A BUYER FOR THE
PRIVILEGE OF PURCHASING GOODS OR SERVICES IN A RETAIL
CREDIT ACCOUNT TRANSACTION.

REVISOR'S NOTE: This subsection presently appears as
Art. 83, §153A(e).

The words "finance charge" are substituted for
"service charge" to conform to the usage of
Subtitle 6 of this title as well as that of
the industry.

The only other changes are in style.

(G)

FINANCIAL INSTITUTION.