508

LAWS OF MARYLAND

[Ch. 49

In subsection (e)(1) of this section, the
institutions listed in Art. 11, §63 are
substituted for the present cross—reference to
that section.

In subsection (e)(2) of this section,
reference to a "building...and loan or
homestead association" is deleted as
unnecessary in light of the usage of the more
modern term "savings and loan association"; in
this regard, see Title 6, Subtitle 2 of the
Corporations and Associations Article.

The only other changes are in style.

PART III. SALES FINANCE COMPANIES - RENEWALS,
EXTENSIONS, OR REFUNDS.

12-632. PERMITTED TRANSACTIONS.

IN CONNECTION WITH AN INSTALLMENT SALE AGREEMENT, A
SALES FINANCE COMPANY MAY:

(1)    RENEW OR EXTEND THE TIME FOR PAYMENT OF ANY
INSTALLMENT SALE AGREEMENT OR ANY INSTALLMENT; OR

(2)   REFUND TO THE BUYER, FOR SUBSEQUENT REPAYMENT
BY HIM, THE AMOUNT OF ANY INSTALLMENT PREVIOUSLY PAID.

REVISOR'S NOTE: This section presently appears as
Art. 83, §161 (a).

Throughout this Part III, the terra "sales
finance company" is substituted for "licensee"
for purposes of clarity. This is required
since the licensing provisions relating to
sales finance companies are retained in Art.
83, §154 et seq., for future inclusion in the
Business Regulation Article. In fact, under
Art. 83, §154, not all sales finance companies
must necessarily be licensees; the broad usage
is, therefore, the more appropriate in any
event.

The only other changes are in style.

Violations of this Part are subject to the
penalties of §12-636(b).

12-633. WHEN WRITTEN AGREEMENT REQUIRED; DELIVERY OF
COPY TO BUYER.

(A) WRITTEN AGREEMENT.