HARRY HUGHES, Governor                               2121

SECTION 2. AND BE IT FURTHER ENACTED, That if any
provision of this Act or the application thereof to any
person or circumstance is held invalid for any reason in a
court of competent jurisdiction, the invalidity does not
affect other provisions or any other application of this Act
which can be given effect without the invalid provision or
application, and for this purpose the provisions of this Act
are declared severable.

SECTION -2- 3. AND BE IT FURTHER ENACTED, That this
Act shall take effect June 1, 1981.

Approved May 19, 1981.

CHAPTER 509

(Senate Bill 12)

AN ACT concerning

Open End Retail Credit Accounts - Membership Fees

Open End Retail Credit Accounts - Prohibited Charges

FOR the purpose of including prohibiting certain fees or
charges in connection with open end retail credit
accounts; and generally relating to open end accounts
and credit cards within the meaning of a finance
charge.

BY repealing and reenacting, with amendments, BY adding to

Article - Commercial Law

Section 12-506(a) 12-504(e) 12-506(h)

Annotated Code of Maryland

(1975 Volume and 1980 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be repealed, amended, or enacted to read as follows: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

(a) In an open end account, the finance charge:

(1) [may] MAY not be more than:

[(1)] (I) 1.5 percent a month on that part of
the outstanding balance THAT IS not MORE THAN [exceeding]
$700; and