3984

VETOES

like accounts or certificates of deposit.

BY repealing and reenacting, with amendments,

Article - Commercial Law
Section 12-905
Annotated Code of Maryland
(1983 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Commercial Law

12-905.

(a) With respect to an unsecured open end credit plan, fees
or charges may not be imposed on a consumer borrower in addition
to interest or finance charges as permitted by this subtitle,
except as follows:

(1)   If the plan is offered by a seller of goods or
services, or both, and may be used only for the purchase or lease
of the seller's goods and services, the seller may charge one of
the following fees:

(i) An annual charge in any amount the
agreement provides for the privileges made available to the
consumer borrower under the plan;

(ii) A transaction charge or charges in such
amount or amounts as the agreement may provide for each separate
purchase under the plan; or

(iii) A minimum charge for each scheduled
billing period under the plan during any portion of which there
is an outstanding unpaid indebtedness under the plan.

(2)   If the plan is offered by any other credit
grantor, the credit grantor may impose any or all of the
following fees:

(i) An annual charge in any amount the
agreement provides for the privileges made available to the
consumer borrower under the plan;

(ii) A transaction charge or charges in such
amount or amounts as the agreement may provide for each separate
purchase or loan under the plan; and

(iii) A minimum charge for each scheduled
billing period under the plan during any portion of which there
is an outstanding unpaid indebtedness under the plan.