510

LAWS OF MARYLAND

[Ch. 49

phrase "subject thereto" is deleted as
unnecessary.

The only other changes are in style.

With respect to the substitution of "sales
finance company" for "licensee," see revisor's
note to §12-632.

12-634. PERMITTED CHARGES.

(A)   MAXIMUM CHARGES.

A SALES FINANCE COMPANY MAY CHARGE THE BUYER FOR A
RENEWAL, EXTENSION, OR REFUND MADE UNDER §12-632, AN
AMOUNT NOT EXCEEDING AN ANNUAL EFFECTIVE RATE OF SIMPLE
INTEREST, AS DEFINED IN SUBTITLE 1 OF THIS TITLE, OF 15
PERCENT PER ANNUM ON THE BALANCES OUTSTANDING FROM TIME
TO TIME OF THE EXTENDED PRINCIPAL, FROM THE DATE OF THE
RENEWAL, EXTENSION, OR REFUND TO THE DATE SET FOR THE
FINAL PAYMENT.

(B)   EXTENDED PRINCIPAL.

THE EXTENDED PRINCIPAL MAY NOT EXCEED THE AGGREGATE

AMOUNT OF THE UNPAID PORTION OF    THE TIME BALANCE UNDER

THE AGREEMENT, ANY DELINQUENCY    CHARGES LAWFULLY PAYABLE,

AND ANY AMOUNT OF CASH ACTUALLY    REFUNDED TO THE BUYER,

LESS A CREDIT FOR PREPAYMENT COMPUTED AS IF THE UNPAID

PORTION OF THE TIME BALANCE HAD BEEN PAID IN FULL AT THE

TIME OF THE RENEWAL, EXTENSION, OR REFUND.

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

In subsection (a) of this section, the
reference to the "annual effective rate of
simple interest" is inserted in place of the
obsolete phrase "true rate of interest." Also
the phrase "balances outstanding from time to
time" is substituted for "respective
descending balances," for purposes of
conformity.

The only other changes are in style.

With respect to the substitution of "sales
finance company" for "licensee," see revisor's
note to §12-632.

12-635. PREPAYMENT.

(A) BUYER'S RIGHT TO PREPAY.