MARVIN MANDEL, Governor

485

FROM A BONA FIDE ERROR IN COMPUTATION AND WHICH IS
CORRECTED WITHIN 60 DAYS FROM THE DATE OF THE AGREEMENT,
IF A HOLDER COLLECTS FROM THE BUYER A CHARGE FOR
INSURANCE GREATER THAN THAT PERMITTED UNDER THIS
SUBSECTION, HE SHALL PAY TO THE BUYER A SUM EQUAL TO TEN
TIMES THE AMOUNT OF THE OVERCHARGE.

REVISOR'S NOTE: This section presently appears as
Art. 83, §132, except for the definition of a
"motor vehicle" which is now contained in
§12—601, and present §132(a) and (g) which are
deleted as unnecessary.

The present references to "seller" are deleted
as unnecessary in light of the definition of
"holder" in §12-601.

In subsection (c) of this section, the present
reference to "finance... or service charge" is
deleted as unnecessary in light of the general
term "charge."

The only other changes are in style.

Although the listing of rates by dollars per
$100, rather than in percentages, is somewhat
archaic, the Commission has retained this
style to avoid losing the emphasis that the
rates expressed in the section are "add—on"
rates. (Cf. Falcone v. Palmer Ford, Inc. 242
Md. 487 (1966).) The Commission notes,
however, the absences in this section of
express provisions to this effect, such as
that contained in §12—611(a)(1), as well as
any provisions for pro rata adjustments, such
as those contained in §12—611(a) (2) and (3).

12-610. CONSUMER GOODS - MAXIMUM FINANCE CHARGE.

EXCEPT AS PROVIDED IN §12-609 AS TO A MOTOR VEHICLE,
AND NOTWITHSTANDING THE PROVISIONS OF ANY OTHER STATUTORY
LAW, IN THE RETAIL SALE OF CONSUMER GOODS BOUGHT UNDER AN
INSTALLMENT SALE AGREEMENT, INCLUDING ANY ADD-ON CONTRACT
DESCRIBED IN §12-618, THE FINANCE CHARGE MAY NOT EXCEED
THE GREATER OF:

(1) THE SUM OF:

(i) $12 PER $100 PER YEAR ON THAT PART OF THE
PRINCIPAL BALANCE NOT EXCEEDING $1,000; AND

(ii)        $10 PER $100 PER YEAR ON THAT PART OF

THE PRINCIPAL BALANCE EXCEEDING $1,000; OR