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729
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HARRY HUGHES, Governor
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(H) (1) "OUTSTANDING UNPAID INDEBTEDNESS" MEANS ON ANY DAY
THE TOTAL AMOUNT OF PURCHASES AND LOANS CHARGED TO THE BORROWER'S
ACCOUNT UNDER THE' PLAN WHICH IS OUTSTANDING AND UNPAID AT THE END
OF THE DAY, AFTER ADDING THE AGGREGATE AMOUNT OF ANY NEW
PURCHASES AND LOANS CHARGED TO THE ACCOUNT THAT DAY AND DEDUCTING
THE AGGREGATE AMOUNT OF ANY PAYMENTS AND CREDITS APPLIED TO THE
ACCOUNT THAT DAY.
(2) IF THE AGREEMENT GOVERNING THE PLAN PERMITS,
"OUTSTANDING TOTAL INDEBTEDNESS" MAY INCLUDE THE AMOUNT OF ANY
INTEREST, FINANCE CHARGES, AND ADDITIONAL CHARGES, INCLUDING LATE
OR DELINQUENCY CHARGES, THAT HAVE ACCRUED IN THE ACCOUNT AND ARE
UNPAID AT THE END OF THE DAY.
(I) "NONCONSUMER BORROWER" MEANS ANY BORROWER OTHER THAN A
CONSUMER BORROWER.
12-902.
(A) ANY BANK CREDIT GRANTOR MAY, SUBJECT TO ANY LIMITATIONS
ON LENDING AUTHORITY CONTAINED IN ITS CHARTER OR OTHERWISE
IMPOSED BY BANKING LAWS AND REGULATIONS AND SUBJECT TO THE OTHER
PROVISIONS OF THIS SUBTITLE:
(1) OFFER AND EXTEND CREDIT UNDER A REVOLVING CREDIT
PLAN TO A BORROWER AND IN THAT CONNECTION CHARGE AND COLLECT THE
INTEREST, FINANCE CHARGES, AN AND OTHER CHARGES PERMITTED BY
THIS SUBTITLE;
(2) (I) TAKE ANY SECURITY AS COLLATERAL AS MAY BE
ACCEPTABLE TO THE BANK CREDIT GRANTOR.
(II) IF REAL PROPERTY IS TAKEN AS SECURITY, THE
CREDIT GRANTOR SHALL RECORD THE ENTIRE LINE OF CREDIT WHEN THE
CREDIT PLAN IS ESTABLISHED.
(B) WITHOUT LIMITING SUBSECTION (A) OF THIS SECTION, CREDIT
MAY BE EXTENDED UNDER A REVOLVING CREDIT PLAN BY A BANK'S CREDIT
GRANTOR'S ACQUISITION OF OBLIGATIONS ARISING OUT OF THE HONORING
OF A CREDIT DEVICE MADE AVAILABLE TO A BORROWER UNDER A PLAN,
WHETHER DIRECTLY OR INDIRECTLY BY MEANS OF TELEPHONE, POINT OF
SALE TERMINAL, AUTOMATED TELLER MACHINE OR OTHER ELECTRONIC OR
SIMILAR DEVICE, OR THROUGH THE MAILS, BY:
(1) A MERCHANT;
(2) A BANK OR OTHER FINANCIAL INSTITUTION CHARTERED
OR ORGANIZED UNDER THE LAWS OF THIS OR ANY OTHER STATE, THE
DISTRICT OF COLUMBIA, THE UNITED STATES OR ANY DISTRICT,
TERRITORY, OR POSSESSION OF THE UNITED STATES, OR ANY FOREIGN
COUNTRY;
(3) ANY OTHER PERSON OR ENTITY; OR
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