HARRY HUGHES, Governor                                       569

It is revised to conform to the substantively
identical definition of "goods" in the Retail
Installment Sales Act in CL § 12-601.

Present Art. 83, § 164(e) refers to goods with a
"cash price of ... $5,000 ... or less". On the
other hand, Ch. 77, Acts of 1976, amended the
corresponding definition of "goods" in the Retail
Installment Sales Act to raise the cash price
limit to $12,500. The failure to enact a
corresponding amendment here apparently was an
oversight. Therefore, the cash price limit in
this subsection is conformed to that in the
Retail Installment Sales Act.

(G) INSTALLMENT SALE AGREEMENT.

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

(I)   PART OR ALL OF THE PRICE IS PAYABLE IN
ONE OR MORE PAYMENTS AFTER THE MAKING OF THE CONTRACT; AND

(II)   THE SELLER TAKES COLLATERAL SECURITY
OR KEEPS A SECURITY INTEREST IN THE GOODS SOLD.

(2)   "INSTALLMENT SALE AGREEMENT" INCLUDES:
(I) A PROSPECTIVE INSTALLMENT SALE

AGREEMENT;

AND

(II) A PURCHASE MONEY SECURITY AGREEMENT;

(III) A CONTRACT FOR THE BAILMENT OR
LEASING OF GOODS UNDER WHICH THE BAILEE OR LESSEE CONTRACTS
TO PAY AS COMPENSATION A SUM THAT IS SUBSTANTIALLY EQUAL TO
OR IS MORE THAN THE VALUE OF THE GOODS.

(3) "INSTALLMENT SALE AGREEMENT" DOES NOT
INCLUDE A BONA FIDE C.O.D. TRANSACTION OR A LAYAWAY
AGREEMENT AS DEFINED IN § 14-1101(G) OF THE COMMERCIAL LAW
ARTICLE.

REVISOR'S NOTE: This subsection is new language derived
from Art. 83, § 164(c).

It is revised to conform to the substantively
identical definition of "installment sale
agreement" in the Retail Installment Sales Act in
CL § 12—601. In particular, the following are
added for conformity: paragraph (2)(i); the
reference to a "purchase money security
agreement" in paragraph (2)(ii); and paragraph
(3).