BLAIR LEE III, Acting Governor

2027

SECTION 2.      AND BE IT FURTHER ENACTED, That Section(s)

14-1101 through 14-1108, respectively, and the subtitle

"Subtitle 11. Miscellaneous Provisions" of Article —

Commercial Law, of the Annotated Code of Maryland be

renumbered to be Section(s) 14-1301 through 14-1308,
respectively, and the subtitle "Subtitle 13. Miscellaneous
Provisions".

SECTION 3. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland be repealed, amended, or
enacted to read as follows:

Article — Commercial Law

SUBTITLE 11. LAYAWAY SALES

14-1101.

(A)    IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(B)    (1) "BUYER" MEANS A PERSON WHO BUYS CONSUMER
GOODS UNDER A LAYAWAY AGREEMENT, EVEN THOUGH HE HAS ENTERED
INTO ONE OR MORE RENEWAL, EXTENSION, OR REFUND AGREEMENTS.

(2) "BUYER" INCLUDES A PROSPECTIVE BUYER.

(C)    "CASH PRICE" MEANS THE MINIMUM PRICE FOR WHICH
CONSUMER GOODS SUBJECT TO A LAYAWAY AGREEMENT, OR OTHER
CONSUMER GOODS OF LIKE KIND AND QUALITY, MAY BE PURCHASED
FOR CASH FROM THE SELLER BY THE BUYER.

(D)    "C.O.D. TRANSACTION" MEANS AN AGREEMENT BY WHICH
THE SELLER REQUIRES THE BUYER TO PAY THE FULL CASH PRICE OF
THE CONSUMER GOODS UPON DELIVERY OR TENDER OF DELIVERY BY
THE SELLER, LESS ANY DOWN PAYMENT MADE BY THE BUYER. A
C.O.D. TRANSACTION DOES NOT INCLUDE AN AGREEMENT BY WHICH
THE SELLER REQUIRES THE BUYER TO PAY INTERIM PAYMENTS BEFORE
DELIVERY OR TENDER OF DELIVERY OF THE CONSUMER GOODS BY THE
SELLER.

(E)    "CONSUMER GOODS" MEANS GOODS BOUGHT FOR USE
PRIMARILY FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES, AS
DISTINGUISHED FROM INDUSTRIAL, COMMERCIAL, OR AGRICULTURAL
PURPOSES.

(F)    "DOWN PAYMENT" MEANS ALL AMOUNTS PAID IN CASH,
CREDITS, OR THE AGREED VALUE OF GOODS, BY OR FOR A BUYER AND
TO OR FOR THE BENEFIT OF THE SELLER AT OR BEFORE EXECUTION
OF A LAYAWAY AGREEMENT OR C.O.D. TRANSACTION.

(G)    (1) "LAYAWAY AGREEMENT" MEANS A CONTRACT FOR
THE RETAIL SALE OF CONSUMER GOODS, NEGOTIATED OR ENTERED
INTO IN THE STATE, UNDER WHICH:

(I) PART OR ALL OF THE LAYAWAY PRICE IS
PAYABLE IN ONE OR MORE PAYMENTS SUBSEQUENT TO THE MAKING OF