882

LAWS OF MARYLAND

Ch. 255

[(g)] (H) "Credit device" means any card, plate, check,
draft, identification code, or other means of identification
contemplated by the agreement governing the plan.

[(h)] (I) (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)] (J) "Nonconsumer borrower" means any borrower other
than a consumer borrower.

12-903.

(d) (1) Notwithstanding subsections (a) and (b) of this
section:

(i) If the outstanding balance of purchase
obligations under an open-end credit plan is paid in full within
25 days after the end of a billing period, a finance charge or
interest may not be imposed on a consumer borrower with respect
to such balance for that billing period; and

(ii) If there is no purchase balance at the
beginning of a billing period, a finance charge or interest may
not be imposed on a consumer borrower with respect to any
purchase obligation added to the account during that billing
period from the date of purchase to the end of that billing
period[;].

(2) Notwithstanding [paragraphs (i) and (ii)]
PARAGRAPH (1) of this subsection, if the agreement governing a
plan so provides, a finance charge or interest may be imposed
from the date of purchase, if the agreement does not provide any
charge permitted by § 12-905(a) of this subtitle.

12-904.

(a) If the agreement governing the revolving credit plan so
provides, the periodic percentage rate of interest or finance
charges under the plan may vary in accordance with an index that
is made readily available to and verifiable by the borrower and
is beyond the control of the credit grantor.