MARVIN MANDEL, Governor

475

definition, which replaces that appearing in
Art. 83, §152(e), is in no way intended to
change the existing law, merely to clarify it.

(0) PRINCIPAL BALANCE,

"PRINCIPAL BALANCE" MEANS THE SUM OF ITEMS DESCRIBED
IN §12-606(B)(5), (6), AND (7) OF THIS SUBTITLE.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from Art.
83, §152(1).

(P) RETAIL SALE.

"RETAIL SALE" MEANS THE SALE OF GOODS FOR USE OR
CONSUMPTION BY THE BUYER OR FOR THE BENEFIT OR
SATISFACTION WHICH THE BUYER MAY DERIVE FROM THE USE OR
CONSUMPTION OF THE GOODS BY ANOTHER, BUT NOT FOR RESALE
BY THE BUYER.

REVISOR'S NOTE: This subsection presently appears as
Art. 83, §152(d).

No change is made.

(Q) SALES FINANCE COMPANY.

"SALES FINANCE COMPANY" MEANS A PERSON ENGAGED IN
THE BUSINESS OF ACQUIRING, INVESTING IN, OR LENDING MONEY
OR CREDIT ON THE SECURITY OF, WHETHER BY PURCHASE,
DISCOUNT, PLEDGE, LOAN, OR OTHERWISE, ANY INTEREST IN:

(1)    AN INSTALLMENT SALE AGREEMENT MADE
BETWEEN OTHER PARTIES;

(2)    A RETAIL CREDIT ACCOUNT TRANSACTION, AS
DEFINED IN §12-501 OF THIS ARTICLE, MADE BETWEEN OTHER
PARTIES; OR

(3)     A HOME IMPROVEMENT TRANSACTION, AS
DEFINED IN §249(C) OF ARTICLE 56, MADE BETWEEN OTHER
PARTIES, IF COLLATERAL SECURITY IS REQUIRED BY AND GIVEN
TO THE CONTRACTOR AS A CONDITION TO THE TRANSACTION.

REVISOR'S NOTE: This subsection presently appears as
Art. 83, §152(h).

The only changes are in style.

With respect to the required licensure of
sales finance companies, see Art. 83, §§ 154
et seq. It might be noted that, under §151,
banking institutions may engage in the