MARVIN MANDEL, Governor

487

(C) FRACTIONAL PERIODS.

AS PART OF THE REGULAR PRACTICE OF A [[SELLER]]
HOLDER. HE MAY INCLUDE FRACTIONAL PERIODS OF 15 DAYS OR
MORE AS A WHOLE MONTH IF HE ALSO ENTIRELY EXCLUDES
FRACTIONAL PERIODS OF 14 DAYS OR LESS.

(D) PAYMENT AFTER ASSIGNMENT.

UNLESS THE BUYER HAS NOTICE OF AN ASSIGNMENT OF AN
INSTALLMENT SALE AGREEMENT RELATING TO CONSUMER GOODS,
HIS PAYMENTS TO THE LAST KNOWN HOLDER OF THE AGREEMENT
SHALL DISCHARGE HIS OBLIGATION TO THE EXTENT OF THE
PAYMENTS.

REVISOR'S NOTE: This section presently appears as
Art. 83, §132A(a)(4), (b) , (c) , and (d).

In subsection (a) of this section, references
to "monthly" installments are deleted as
unnecessary and as inconsistent with the
provisions of subsection (b) of this section.

The only other changes are in style.

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

The Commission notes that the last sentence of
present Art. 83, §132A (a) (4) — now subsection
(c) of this section — refers expressly to a
"seller." This limited reference appears
inconsistent with the balance of present
§132A, which generally applies to a "holder."
The Commission is uncertain as to whether or
not the limitation is intended and, therefore,
has retained the word "seller" to avoid staking
any inadvertant substantive change.

12-612. CONSUMER GOODS - PREPAYMENT.

(A)   BUYER'S RIGHT TO PREPAY.

1 BUYER MAY PREPAY AT ANY TIME, WITHOUT PENALTY, ALL
OR PART OF THE OUTSTANDING BALANCE PAYABLE UNDER AN
INSTALLMENT SALE AGREEMENT RELATING TO CONSUMER GOODS.

(B)   REFUND OF FINANCE CHARGE.

(1) EXCEPT AS PROVIDED IN SUBSECTION (D) OF
THIS SECTION, IF THE BUYER PAYS THE BALANCE IN FULL
BEFORE MATURITY, THE HOLDER IMMEDIATELY SHALL REFUND TO
HIM A PORTION OF THE FINANCE CHARGE, INCLUDING THE CHARGE
PROVIDED FOR IN §12-610(2).