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HARRY HUGHES, Governor 743
LAW, THE LENDING OPERATIONS OF WHICH ARE SUBJECT TO SUPERVISION,
EXAMINATION, AND REGULATION BY A STATE OR FEDERAL AGENCY OR WHICH
IS LICENSED UNDER TITLE 12, SUBTITLE 4 OF THE FINANCIAL
INSTITUTIONS ARTICLE OR IS A RETAILER.
(2) "CREDIT GRANTOR" INCLUDES ANY BANK, TRUST
COMPANY, OR SAVINGS BANK HAVING ITS PRINCIPAL PLACE OF BUSINESS
IN THIS STATE AND INCORPORATED UNDER THE LAWS OF THIS STATE OR
ANY DEPOSITORY INSTITUTION HAVING ITS PRINCIPAL PLACE OF BUSINESS
IN THIS STATE AND ORGANIZED UNDER THE AUTHORITY OF THE UNITED
STATES.
(B) "BORROWER" MEANS A CORPORATION, PARTNERSHIP,
ASSOCIATION, GOVERNMENT, OR GOVERNMENTAL SUBDIVISION OR AGENCY,
TRUST, INDIVIDUAL, OR OTHER ENTITY RECEIVING A LOAN OR OTHER
EXTENSION OF CREDIT UNDER THIS SUBTITLE.
(C) "CONSUMER BORROWER" MEANS AN INDIVIDUAL RECEIVING A
LOAN OR OTHER EXTENSION OF CREDIT UNDER THIS SUBTITLE FOR
PERSONAL, HOUSEHOLD OR FAMILY PURPOSES.
(B) (D) "CLOSED END CREDIT" MEANS THE EXTENSION OF CREDIT
BY A BANK CREDIT GRANTOR TO A BORROWER UNDER AN ARRANGEMENT OR
AGREEMENT WHICH IS NOT A REVOLVING CREDIT PLAN AS DEFINED IN
SUBTITLE 9 OF THIS TITLE.
(C) (E) "LOAN" MEANS ANY SINGLE EXTENSION OF CLOSED END
CREDIT, WHETHER REPAYABLE IN INSTALLMENTS, ON DEMAND, OR
OTHERWISE AND WHETHER EXTENDED IN ONE OR MORE ADVANCES.
12-1002.
(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, OFFER AND EXTEND CLOSED END CREDIT
TO A BORROWER.
(B) IN CONNECTION WITH A CLOSED END ACCOUNT, A BANK CREDIT
GRANTOR MAY CHARGE AND COLLECT THE INTEREST AND OTHER CHARGES
PERMITTED BY THIS SUBTITLE AND MAY TAKE ANY SECURITY AS
COLLATERAL AS MAY BE ACCEPTABLE TO THE BANK CREDIT GRANTOR.
12-1003.
(A) A BANK CREDIT GRANTOR MAY CHARGE AND COLLECT INTEREST
ON A LOAN AT ANY DAILY, WEEKLY, MONTHLY, ANNUAL, OR OTHER
PERIODIC PERCENTAGE RATE AS THE AGREEMENT, THE NOTE, OR OTHER
EVIDENCE OF THE LOAN PROVIDES IF THE EFFECTIVE RATE OF SIMPLE
INTEREST IS NOT IN EXCESS OF 24 PERCENT PER YEAR. THE RATE OF
INTEREST INITIALLY CHARGEABLE ON A LOAN MUST BE EXPRESSED IN THE
AGREEMENT AS A SIMPLE INTEREST RATE OR RATES.
(B) (1) INTEREST MAY BE CALCULATED BY WAY OF SIMPLE
INTEREST OR BY ANY OTHER METHOD AS THE AGREEMENT, NOTE, OR OTHER
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