HARRY HUGHES, Governor

1293

(2) NOTHING IN THIS SECTION SHALL BE CONSTRUED
TO PROHIBIT ANY PARTICULAR METHOD OF COMPUTING THE FINANCE
CHARGE ON A CLOSED END ACCOUNT SO LONG AS THE AMOUNT OF THE
FINANCE CHARGE DOES NOT RESULT IN A RATE OF CHARGE IN EXCESS
OF THAT PERMITTED BY SUBSECTION (A) OF THIS SECTION.

(f) (1) The holder of a closed end account ON WHICH
THE FINANCE CHARGE IS COMPUTED IN ADVANCE may:

(i) By agreement with the buyer, extend
the scheduled due date or defer the scheduled payment of all
or part of the installments payable under it; and

(ii) Charge the buyer an extension or
deferral charge.

12-609.

(a) The finance charge imposed on the sale  of a motor

vehicle may not exceed AN AMOUNT COMPUTED USING the

following ANNUAL rates OF SIMPLE INTEREST RATES OF FINANCE
CHARGE:

(1)  Class 1: A new motor vehicle — [$9 per $100
per year] 16.5 PERCENT on the [principal] OUTSTANDING
balance;

(2)  Class 2: A used motor vehicle designated by
the manufacturer by a model year not more than two years
before the year in which the sale is made — [$12 per $100
per year] 22 PERCENT on the [principal] OUTSTANDING balance;
and

(3)  Class 3: A used motor vehicle designated by
the manufacturer by a model year more than two years before
the year in which the sale is made — [$15 per $100 per
year] 27 PERCENT on the [principal] OUTSTANDING balance.

12-610.

Except as provided in § 12-609 as to a motor vehicle,
and notwithstanding the provisions of any other statutory
law, in the retail sale of consumer goods bought under an
installment sale agreement, including any add-on contract
described in § 12-618, the finance charge may not exceed the
greater of:

(1) [The sum of] SIMPLE INTEREST AT AN ANNUAL
RATE NOT EXCEEDING AN AMOUNT COMPUTED USING THE FOLLOWING
ANNUAL SIMPLE INTEREST RATES OF FINANCE CHARGE:

(i) [$12 per $100 per year] 22 PERCENT on
that part of the [principal] OUTSTANDING balance not
exceeding $1,000; and