486

LAWS OF MARYLAND

[Ch. 49

(2) A MINIMUM CHARGE OF $10 OR, IF THE DATE OF THE
LAST INSTALLMENT IS EIGHT MONTHS OR LESS AFTER THE
EFFECTIVE DATE OF THE INSTALLMENT SALE AGREEMENT, $8.

REVISOR'S NOTE: This section presently appears as
Art. 83, §132A(a)(1) through (3).

The only 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 to the fact
that the rates expressed in this section are
"add-on" rates. (Cf. §12-611(a)(1) of this
subtitle.)

With respect to the use of the term "consumer
goods," see revisor's note to §12-601(f).

12-611. CONSUMER GOODS - COMPUTATION OF FINANCE CHARGE;
PAYMENT OF INSTALLMENTS; PAYMENT AFTER ASSIGNMENT.

(A)    COMPUTATION OF FINANCE CHARGE.

(1)         NOTWITHSTANDING THE FACT THAT THE
PRINCIPAL BALANCE OF AN INSTALLMENT SALE AGREEMENT
RELATING TO CONSUMER GOODS IS PAYABLE IN INSTALLMENTS,
THE FINANCE CHARGE SHALL BE COMPUTED ON THE PRINCIPAL
BALANCE FROM THE DATE OF THE AGREEMENT UNTIL THE DUE DATE
OF THE FINAL INSTALLMENT.

(2)      THE AMOUNT OF THE MAXIMUM FINANCE CHARGE
PERMITTED BY §12-610 OF THIS SUBTITLE SHALL BE DECREASED
OR INCREASED PROPORTIONATELY IF THE UNPAID PRINCIPAL
BALANCE DUE IN CONNECTION WITH A PURCHASE IS PAYABLE IN
SUCCESSIVE INSTALLMENTS SUBSTANTIALLY EQUAL IN AMOUNT:

(i) FOR A PERIOD OTHER THAN A YEAR; OR

(ii) FOR AMOUNTS OTHER THAN $100.

(3)      IF AN INSTALLMENT SALE AGREEMENT PROVIDES
FOR EITHER UNEQUAL OR IRREGULAR PAYMENTS, THE FINANCE
CHARGE MAY BE AT A RATE WHICH WILL PROVIDE THE SAME YIELD
AS IS PERMITTED UNDER §12-610 OF THIS SUBTITLE FOR
INSTALLMENT SALE AGREEMENTS WHICH PROVIDE FOR EQUAL AND
REGULAR INSTALLMENT PAYMENTS.

(B)       PERIODIC INSTALLMENTS.

AMOUNTS DUE UNDER AN INSTALLMENT SALE AGREEMENT
RELATING TO CONSUMER GOODS MAY BE PAYABLE IN SUCCESSIVE
MONTHLY, SEMIMONTHLY, OR WEEKLY INSTALLMENTS.