HARRY HUGHES, Governor                             3167

(1975 Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Commercial Law

12-506.

(a) In an open end account, the finance charge may not
[exceed:] BE MORE THAN:

[(l)] 1.5 percent [per] A month on [that
part of] the outstanding balance --[-not exceeding $500
$700; and

(2) 1 percent per month on that part of the
outstanding balance exceeding $500 $700.

12-609.

(E) NOTWITHSTANDING SUBSECTION (A) OF THIS SECTION, THE
FINANCE CHARGE IMPOSED ON A MOTOR VEHICLE SOLD UNDER A
CONTRACT EXECUTED BEFORE AUGUST 1, 1982, MAY NOT EXCEED THE
FOLLOWING ANNUAL SIMPLE INTEREST RATES OF FINANCE CHARGE:

(1)  CLASS 1: A NEW MOTOR VEHICLE — 21.5 PERCENT
ON THE OUTSTANDING BALANCE; AND

(2)  CLASS 2: A USED MOTOR VEHICLE DESIGNATED BY
THE MANUFACTURER BY A MODEL YEAR NOT MORE THAN 2 YEARS
BEFORE THE YEAR IN WHICH THE SALE IS MADE — 23.5 PERCENT ON
THE OUTSTANDING BALANCE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 27, 1980.

CHAPTER 867

(House Bill 1480)

AN ACT concerning

Agriculture Cooperatives - Retail Gasoline Sales

FOR the purpose of expanding the exemption from the
definition of retail service station to include all

agricultural cooperatives that meet specified

requirements; and generally relating to the retail sale