HARRY HUGHES, Governor                               3877

not directly or indirectly contract for, charge, or receive
from the buyer any finance charge, [membership or other
fee,] discount, fine, commission, charge, brokerage, or
other consideration on that account in excess of that
permitted by this section.

12-506.2.

CHANGES IN THE RATE APPLICABLE TO AN OPEN-END ACCOUNT,
INCLUDING A CREDIT CARD PLAN WHICH PROVIDES FOR SALES, CASH
ADVANCES, OR BOTH, ARE LIMITED AS FOLLOWS:

(1) ANY BALANCE EXISTING BEFORE JULY 1, 1982 IS
TO BE REPAID AT THE THEN APPLICABLE RATE OF INTEREST OR
FINANCE CHARGE REGARDLESS OF ANY SUBSEQUENT INCREASE IN THE
RATE APPLICABLE TO THE ACCOUNT.

(2) IF THE RATE APPLICABLE TO ANY BALANCE FOR
WHICH THE BORROWER OR BUYER BECOMES OBLIGATED BETWEEN JULY
1, 1982, AND JULY 1, 1985, IS INCREASED, THE BORROWER OR
BUYER MUST BE ALLOWED THE CHOICE OF REPAYING THE THEN
EXISTING BALANCE IN FULL AT THE RATE IN EFFECT PRIOR TO THE
TIME THE INCREASE BECOMES EFFECTIVE, PROVIDED THAT THE
BORROWER OR BUYER DOES NOT INCREASE THE PRINCIPAL BALANCE OF
HIS ACCOUNT, EXCLUSIVE OF FINANCE CHARGES, AFTER THE DATE OF
THE RATE INCREASE. IF THE BORROWER OR BUYER INCREASES THE
BALANCE OF HIS ACCOUNT BY MAKING PURCHASES OR REQUESTING
CASH ADVANCES, THE INCREASED RATE MAY BE APPLIED TO HIS

ENTIRE BALANCE, EXCLUSIVE OF ANY PORTION OF THE BALANCE THAT
EXISTED BEFORE JULY 1, 1982.

(2) IF THE RATE APPLICABLE TO ANY BALANCE FOR
WHICH THE BORROWER OR BUYER BECOMES OBLIGATED BETWEEN JULY
1, 1982 and JULY 1, 1985 IS INCREASED, THE BORROWER OR BUYER
MAY REPAY THE EXISTING BALANCE AT THE RATE IN EFFECT PRIOR
TO THE TIME THE INCREASE BECOMES EFFECTIVE. IF THE BORROWER
OR BUYER INCREASES THE BALANCE OF HIS ACCOUNT BY MAKING
PURCHASES OR REQUESTING CASH ADVANCES, THE INCREASED RATE
SHALL APPLY ONLY TO THE PORTION OF THE BALANCE INCURRED
AFTER THE RATE INCREASES.

12-609.

(f) Notwithstanding subsection (a) of this section,
the finance charge imposed on a motor vehicle sold under a
contract executed before [August 1, 1982,] JULY 1, 1985, may
not exceed the following annual simple interest rates of
finance charge:

(1)  Class 1: A new motor vehicle - [21.5] 24
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] 24
percent on the outstanding balance.