452

LAWS OF MARYLAND

[Ch. 49

REVISOR'S NOTE: This subsection is new language
added without substantive change to avoid
unnecessary repetition of the terns "seller,
financial institution, or other holder." It
is patterned after the definition of "holder"
contained in the Retail Installment Sales Act,
Art. 83, §152 - now $12-601 of this title.

(J) OPEN END ACCOUNT.

"OPEN END ACCOUNT" MEANS A RETAIL CREDIT ACCOUNT IN
WHICH THE FINANCE CHARGE IS ASSESSED ON THE OUTSTANDING
BALANCES FROM MONTH TO MONTH.

REVISOR'S NOTE: This subsection, which adopts the
modern usage "open end account," is new
language derived without substantive change
from the introductory language of Art. 83,
§153D(c). It is added to facilitate

references in this subtitle to these accounts,
as distinguished from a "closed end account,"
defined in subsection (e) of this section.

(K) PERSON.

"PERSON" INCLUDES AN INDIVIDUAL, CORPORATION,
BUSINESS TRUST, ESTATE, TRUST, PARTNERSHIP, ASSOCIATION,
TWO OR MORE PERSONS HAVING A JOINT OR COMMON INTEREST, OR
ANY OTHER LEGAL OR COMMERCIAL ENTITY.

REVISOR'S NOTE: This subsection is new language
setting forth a broad, standardized definition
of the word "person" as used in this article.
It is a synthesis of the U.C.C. definitions of
"person" and "organization" contained in
§1—201 (28) and (30) of this article, except
that the reference to "government or
governmental subdivision or agency" is not
included. This definition, which replaces
that presently appearing in Art. 83, §153A(i),
is in no way intended to change the existing
law, merely to clarify it.

(L) RETAIL CREDIT ACCOUNT.

(1)         "RETAIL CREDIT ACCOUNT" MEANS AN
AGREEMENT OR TRANSACTION FOR THE RETAIL SALE OF GOODS OR
SERVICES, WHICH IS NEGOTIATED OR ENTERED INTO AND
PURSUANT TO WHICH A TIME SALE PRICE IS ESTABLISHED.

(2)      "RETAIL CREDIT ACCOUNT" INCLUDES CREDIT
CARD FINANCING BY A FINANCIAL INSTITUTION.

REVISOR'S NOTE: This subsection presently appears as