HARRY HUGHES, Governor

571

identical definition of "retail sale" in the
Retail Installment Sales Act in CL § 12-601.

(K) SALES FINANCE COMPANY.

"SALES FINANCE COMPANY" MEANS A PERSON WHO IS ENGAGED,
WHETHER BY PURCHASE, DISCOUNT, PLEDGE, LOAN, OR OTHERWISE,
IN SHE BUSINESS OF ACQUIRING, INVESTING IN, OR LENDING HONEY
OR CREDIT ON THE SECURITY OF ANY INTEREST IN:

(1)       AN INSTALLMENT SALE AGREEMENT MADE BETWEEN
OTHER PARTIES;

(2)       A RETAIL CREDIT ACCOUNT TRANSACTION, AS
DEFINED IN § 12-501 OF THE COMMERCIAL LAW ARTICLE, MADE
BETWEEN OTHER PARTIES; OR

(3)       A HOME IMPROVEMENT TRANSACTION, AS DEFINED
IN ARTICLE 56, § 249(C) OF THE CODE, MADE BETWEEN OTHER
PARTIES, IF COLLATERAL SECURITY IS REQUIRED BY AND GIVEN TO
THE CONTRACTOR AS A CONDITION TO THE TRANSACTION.

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

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

(L) SECURITY INTEREST.

"SECURITY INTEREST" HAS THE MEANING STATED IN §
1-201(37) OF THE COMMERCIAL LAW ARTICLE.

REVISOR'S NOTE: This subsection is new language
substituted for Art. 83, § 164(i).

The substituted language is identical to the
definition of "security interest" in the Retail
Installment Sales Act in CL § 12—601(r). See the
revisor's note to that definition.

(M) SELLER.

"SELLER" MEANS A PERSON WHO SELLS OR LEASES OR AGREES
TO SELL OR LEASE GOODS UNDER AN INSTALLMENT SALE AGREEMENT.

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

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

(N) SURETY.