3110                                             LAWS OF MARYLAND                                         Ch. 612

12-620.

(a) Notwithstanding any provision of an installment sale
agreement to the contrary, a buyer may prepay at any time,
without penalty, all or any part of the unpaid time balance
payable under [the] ANY installment sale agreement RELATING TO
GOODS, REGARDLESS OF THE CASH PRICE OF THE GOODS.

(a) Notwithstanding THE PROVISIONS OF § 12-601(J) OF THIS
ARTICLE AND any provision of an installment sale agreement to the
contrary, a buyer may prepay at any time, without penalty, all or
any part of the unpaid time balance payable under the installment
sale agreement IF SUCH AGREEMENT IS FOR THE RETAIL SALE OF
PERSONAL PROPERTY PURCHASED PRIMARILY FOR PERSONAL, FAMILY, OR
HOUSEHOLD PURPOSES, REGARDLESS OF THE ORIGINAL PRICE OF THAT
PERSONAL PROPERTY.

(b)(1) Except as provided in paragraph (2) of this
subsection, if the buyer pays the time balance in full before
maturity, the holder immediately shall refund to him a portion of
the finance charge. The amount of the refund shall be calculated
by the actuarial method based on the original schedule of
payments.

(2) If the amount of the credit for prepayment is
less than $1, no refund need be made.

Article - Financial Institutions

11-401.

(f) (1) "Goods" means all tangible personal property [that
has a cash price of $12,500 or less] THAT HAS A CASH PRICE OF
$25,000 OR LESS.

(2) "Goods" does not include money or things in
action.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 29, 1984.

CHAPTER 613
(House Bill 354)
AN ACT concerning

Notaries Public - Fees