2028

LAWS OF MARYLAND

Ch. 673

THE LAYAWAY AGREEMENT;

(II)   THE CONSUMER GOODS ARE SPECIFIC
EXISTING CONSUMER GOODS IDENTIFIED FROM THE SELLER'S STOCK
OR INVENTORY AT THE TIME OF THE MAKING OF THE LAYAWAY
AGREEMENT; AND

(III)  THE SELLER RETAINS POSSESSION OF THE
CONSUMER GOODS AND BEARS THE RISK OF THEIR LOSS OR DAMAGE
UNTIL THE LAYAWAY PRICE IS PAID IN FULL.

(2)    "LAYAWAY AGREEMENT" INCLUDES A "SPECIAL
ORDER TRANSACTION," AS DEFINED IN THIS SECTION.

(3)    "LAYAWAY AGREEMENT" DOES NOT INCLUDE A BONA
FIDE C.O.D. TRANSACTION.

(4)    "LAYAWAY AGREEMENT" DOES NOT INCLUDE ANY
FORM OF LAYAWAY AGREEMENT WHERE THE BUYER CAN DEFAULT
WITHOUT AND PENALTY, OTHER THAN A MAXIMUM SERVICE CHARGE OF
$1.

(H) "LAYAWAY PRICE" MEANS THE CASH PRICE OF CONSUMES
GOODS TOGETHER WITH AN OPTIONAL SERVICE CHARGE, NOT TO
EXCEED $1 IF THE PRICE OF THE CONSUMER GOODS IS $500 OR LESS
OR $5 IF THE PRICE OF THE CONSUMER GOODS EXCEEDS $500.

(I) "RETAIL SALE" MEANS THE SALE OF CONSUMER GOODS
FOR USE OR CONSUMPTION BY THE BUYER OR FOR THE BENEFIT OR
SATISFACTION WHICH THE BUYER MAY DERIVE FROM THE USE OR
CONSUMPTION OF THE CONSUMER GOODS BY ANOTHER, BUT NOT FOR
RESALE BY THE BUYER.

(J) "SELLER" MEANS A PERSON WHO SELLS OR AGREES TO
SELL CONSUMER GOODS UNDER A LAYAWAY AGREEMENT.

(K) "SPECIAL ORDER TRANSACTION" MEANS A CONTRACT FOR
THE RETAIL SALE OF CONSUMER GOODS, NEGOTIATED OR ENTERED
INTO IN THE STATE, UNDER WHICH EITHER:

(1) THE CONSUMER GOODS ARE NOT SPECIFIC

EXISTING CONSUMER GOODS IDENTIFIED FROM THE SELLER'S STOCK

OR INVENTORY AT THE TIME OF THE MAKING OF THE CONTRACT BUT

WHICH MUST BE ORDERED BY THE SELLER FROM A MANUFACTURER OR

SUPPLIER; OR

(2) THE CONSUMER GOODS ARE SPECIFIC EXISTING

CONSUMER GOODS IDENTIFIED FROM THE SELLER'S STOCK

INVENTORY BUT ARE CONSUMER GOODS WHICH ARE TO BE SPECIALLY

ALTERED AT THE REQUEST OF THE BUYER SUBSEQUENT TO THE MAKING

OF THE CONTRACT.

(1) CONSUMER GOODS:

(I) ARE ORDERED BY THE BUYER TO THE
BUYER'S UNIQUE SPECIFICATIONS;

(II) ARE NOT CARRIED BY THE SELLER, EITHER