MARVIN MANDEL, Governor

511

A SALES FINANCE COMPANY SHALL PERMIT A BUYER TO
PREPAY IN FULL OR IN PART AT ANY TIME, WITHOUT PENALTY,
THE OUTSTANDING BALANCE PAYABLE UNDER A RENEWAL,
EXTENSION, OR REFUND AGREEMENT.

(B) REFUND OF CHARGES.

IF A BUYER PREPAYS THE ENTIRE OUTSTANDING BALANCE,
THE SALES FINANCE COMPANY SHALL PAY OR CREDIT TO HIM THE
UNEARNED PORTION OF THE CHARGE.

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

Subsection (a) of this section has been
modified to include the phrase "without
penalty," for purposes of clarity and to
conform this section to the usage elsewhere in
this title.

In subsection (b) of this section, the phrase
"before maturity in money or by subsequent
renewal or otherwise" is deleted as
unnecessary.

The only other changes are in style.

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

PART IV. PENALTIES.

12-6 36. PENALTIES.

(A)   VIOLATIONS OF PART II.

ANY PERSON WHO KNOWINGLY VIOLATES OR PARTICIPATES IN
THE VIOLATION OF ANY PROVISION OF PART II OF THIS
SUBTITLE IS GUILTY OF A MISDEMEANOR AND ON CONVICTION IS
SUBJECT TO A FINE NOT EXCEEDING $100 FOR THE FIRST
OFFENSE AND NOT EXCEEDING $500 FOR ANY SUBSEQUENT
OFFENSE.

REVISOR'S NOTE: This subsection presently appears as
Art. 83, §150.

The only changes are in style.

(B)   VIOLATIONS OF PART III.

ANY PERSON WHO VIOLATES OR PARTICIPATES IN THE
VIOLATION OF ANY PROVISION OF PART III OF THIS SUBTITLE
IS GUILTY OF A MISDEMEANOR AND ON CONVICTION IS SUBJECT