3874

LAWS OF MARYLAND

Ch. 753

(ii) 18 percent on that part of the
outstanding balance exceeding $1,000; or

(2)  A minimum charge of $10 or, if the due date
of the last installment is eight months or less after the
effective date of the retail credit account agreement, $8.

(3)  NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH
(1) OF THIS SUBSECTION, IN A CLOSED END ACCOUNT MADE ON OR
AFTER JULY 1, 1982, AND BEFORE JULY 1, 1985, THE FINANCE
CHARGE MAY NOT EXCEED 24 PERCENT PER ANNUM SIMPLE INTEREST.

12-505.1.

ANY CLOSED-END ACCOUNT MADE PRIOR TO JULY 1, 1982 WHICH
IS REFINANCED AT A HIGHER RATE PURSUANT TO SECTION
12-505(A)(3) MUST COMPLY WITH THE FOLLOWING REQUIREMENTS:

(1) THE HOLDER MUST GIVE THE FOLLOWING
DISCLOSURE IN WRITING TO THE BUYER PRIOR TO THE EXECUTION BY
THE BUYER OF THE NEW RETAIL CREDIT ACCOUNT AGREEMENT:

IF YOU DO AGREE TO CONSOLIDATE YOUR EXISTING ACCOUNT,

YOU WILL BE PAYING AN ANNUAL PERCENTAGE RATE OF ____ ON THE

EXISTING NET BALANCE OF $____ . , INSTEAD OF THE RATE OF

_____ WHICH YOU ARE NOW PAYING.

SCHEDULE OF MONTHLY PAYMENTS

SEPARATE ACCOUNT AGREEMENTS CONSOLIDATED ACCOUNT AGREEMENT

$ PER MONTH FOR                             $____PER MONTH FOR

THE NEXT_____MONTHS                             THE NEXT____MONTHS

THEN

$____ PER MONTH FOR

_____MONTHS AFTER THAT

TOTAL OF PAYMENTS

SEPARATE ACCOUNT AGREEMENTS CONSOLIDATED ACCOUNT AGREEMENT

$ ____ TOTAL OF                                    $_____TOTAL OF PAYMENTS

PAYMENTS FOR YOUR                             FOR YOUR CONSOLIDATED

EXISTING ACCOUNT                                      ACCOUNT

TOTAL OF PAYMENTS
FOR YOUR NEW ACCOUNT

(2) THE HOLDER MUST ALLOW THE BUYER THE CHOICE
OF REPAYING HIS EXISTING ACCOUNT BALANCE AT THE ORIGINALLY