3878

LAWS OF MARYLAND

Ch. 753

12-610.

Except as provided in § 12-609 as to a motor vehicle,
and notwithstanding the provisions of any other statutory
law, in the retail sale of consumer goods bought under an
installment sale agreement, including any add-on contract
described in § 12-618, the finance charge may not exceed the
greater of:

(1)  An amount computed using the following
annual simple interest rates of finance charge:

(i) 22 percent on that part of the
outstanding balance not exceeding $1,000; and

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

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

(3)  NOTWITHSTANDING THE PROVISIONS OF SUBSECTION
(1) OF THIS SECTION, A SELLER MAY CHARGE A FINANCE CHARGE AT
A RATE NOT IN EXCESS OF 24 PERCENT PER ANNUM SIMPLE INTEREST
ON THE OUTSTANDING BALANCE UNDER AN INSTALLMENT SALE
AGREEMENT MADE ON OR AFTER JULY 1, 1982, AND BEFORE JULY 1,
1985.

12-610.1.

ANY AGREEMENT MADE BEFORE JULY 1, 1982, WHICH IS
REFINANCED AT A HIGHER RATE ALLOWED BY SECTION 12-609(F) OR
12-610(3) MUST COMPLY WITH THE FOLLOWING REQUIREMENTS:

(1) THE HOLDER MUST GIVE THE FOLLOWING
DISCLOSURES IN WRITING TO THE BUYER PRIOR TO THE EXECUTION
BY THE BUYER OF THE NEW AGREEMENT:

IF YOU DO AGREE TO CONSOLIDATE YOUR EXISTING
OBLIGATION, 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 PURCHASE AGREEMENTS CONSOLIDATED PURCHASE AGREEMENT

$ PER MONTH FOR                          $___ PER MONTH FOR

THE NEXT____ MONTHS                          THE NEXT____MONTHS

THEN