2414

LAWS OF MARYLAND

Ch. 611

purchased for industrial, commercial, or agricultural
purposes.

(f)  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.

(g)  A seller may assign a retail installment agreement
and receive a portion of the finance charge only if the fact
is disclosed in the agreement. The specific amount to be
received need not be disclosed.

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

Approved May 19, 1981.

CHAPTER 612

(House Bill 396)

AN ACT concerning

Dorchester County - Property Tax Exemption
Credit - Gun Clubs

FOR the purpose of exempting certain gun clubs in Dorchester
County from the property tax authorizing the County
Commissioners of Dorchester County to grant property
tax credits to certain organizations; making a
technical change; and clarifying language.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 9(a) and 9C(i)

Annotated Code of Maryland

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be repealed, amended, or enacted to read as follows: