MARVIN MANDEL, Governor

495

ALONE.

REVISOR'S NOTE: This section presently appears as
Art. 83, §137.

A definition of "add—on contract" is added for
the purpose of clarity. In the definition,
the more accurate term "security interest" is
substituted for the present reference in
§137(a) to "title,"

The only other changes are in style.

12-619. EXTENSION OF DUE DATE OR DEFERRAL OF PAYMENTS.

(A)   EXTENSION OR DEFERRAL CHARGE PERMITTED.
THE HOLDER OF AN INSTALLMENT SALE AGREEMENT MAY:

(1)   BY AGREEMENT WITH THE BUYER, EXTEND THE
SCHEDULED DUE DATE OR DEFER THE SCHEDULED PAYMENT OF ALL
OR PART OF THE INSTALLMENTS PAYABLE UNDER IT; AND

(2)  CHARGE THE BUYER AN EXTENSION OR DEFERRAL
CHARGE.

(B)   LIMITATION ON CHARGE.

THE EXTENSION OR DEFERRAL CHARGE MAY NOT EXCEED AN
AMOUNT EQUAL TO 1 PERCENT PER MONTH OF THE AMOUNT
EXTENDED OR DEFERRED FOR THE PERIOD OF EXTENSION OR
DEFERRAL.

(C)   LIMITATION ON PERIOD OF EXTENSION OR DEFERRAL.

THE PERIOD OF EXTENSION OR DEFERRAL MAY NOT EXCEED
THE PERIOD FROM THE DATE WHEN THE EXTENDED OR DEFERRED
AMOUNT WOULD HAVE BEEN PAYABLE IN THE ABSENCE OF THE
EXTENSION OR DEFERRAL TO THE DATE WHEN THE AMOUNT IS MADE
PAYABLE UNDER THE AGREEMENT OF EXTENSION OR DEFERRAL.

REVISOR'S NOTE: This section presently appears as
Art. 83, §137A.

The reference to a "retail credit account" is
deleted as unnecessary in light of §12—505(f)
of this title.

In this section, the word "seller" is deleted
as unnecessary in light of the definition of
"holder" in §12—601; and the words "contract
for...and collect and receive" are deleted as
unnecessary since the right to "charge"
obviously presupposes the right to contract