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LAWS OF MARYLAND

Ch. 677

CHAPTER 677

(Senate Bill 566)

AN ACT concerning

Credit Regulations - Retail Installment Sales -
Consumer Goods

FOR the purpose of altering a certain definition in definitions
regarding the retail installment sales law an "installment
sale agreement" to clarify that the retail installment sales
law applies only to consumer goods; and generally relating
to consumer goods under the retail installment sales law.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 12-601(1)

Annotated Code of Maryland

(1983 Replacement Volume and 1985 Supplement)

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section ll-401(g)
Annotated Code of Maryland
(1980 Volume and 1985 Supplement)

Preamble

WHEREAS, The retail installment sales law was passed to
protect installment buyers from oppressive business practices and
includes provisions that regulate advertising, disclosure
statements, and interest rates for retail installment sales
agreements; and

WHEREAS, In fulfilling the legislative intent of the law,
the retail installment sales law traditionally has been applied
only to the sale of consumer goods; and

WHEREAS, It would be appropriate to clarify the application
of the retail installment sales law to reflect more accurately
the legislative intent behind the law; now, therefore,

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

Article - Commercial Law

12-601.